Nigeria's foreign exchange utilisation rose to $18.34bn in the second quarter of 2026, its highest level in nearly 15 years, according to the Financial Markets Dealers Association. Financial services accounted for $9.64bn, or 52.58%, of that demand, while invisible transactions made up 72.19% of total utilisation. Import-related demand fell 1.49% to $5.10bn, and autonomous FX inflows rose to $23.31bn, lifting net FX flows to $22.50bn, the highest since the fourth quarter of 2019. Meanwhile, direct central bank FX sales fell 66.73% to $418.08m, and the CBN sold just $1.67bn in the first half of 2026, its lowest half-year amount since 2008.
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