Nigeria’s foreign exchange utilisation increased to $18.3 billion in the second quarter of 2026, compared with $16.2 billion recorded in the first quarter, according to data from the Central Bank of Nigeria (CBN).
The latest figures indicate an increase in the volume of foreign exchange used for international transactions, reflecting activity across different segments of the Nigerian economy.
The second-quarter performance also represents a significant improvement compared with the $12 billion recorded in the corresponding period of the previous year.
According to the figures, invisible transactions accounted for approximately $13.2 billion of total foreign exchange utilisation, while payments for goods accounted for $5.1 billion.
Invisible transactions generally cover payments for services and other international obligations, including travel, education, medical expenses, transportation and professional services.
The larger contribution from invisible transactions highlights the importance of service-related foreign exchange demand in Nigeria’s external payments.
The increase in foreign exchange utilisation comes as the CBN continues implementing measures aimed at improving liquidity, strengthening market transparency and supporting stability in the foreign exchange market.
Access to foreign exchange remains important for Nigerian manufacturers, importers, airlines, educational institutions and businesses that depend on international suppliers.
Higher utilisation could also reflect improved access to foreign currency for businesses and individuals who previously experienced difficulties meeting their international payment obligations.
However, increased utilisation does not automatically mean that foreign exchange supply has grown by the same amount. The figures measure the value of foreign exchange used for transactions rather than the total amount available in the market.
Nigeria’s foreign exchange market remains sensitive to crude oil earnings, foreign investment inflows, export receipts and demand for imported goods and services.
The CBN will therefore continue to face the challenge of balancing foreign exchange availability with the need to maintain stability in the naira.
The latest figures provide an important indication of activity in Nigeria’s external payments market and will remain relevant to investors and businesses monitoring the country’s economic recovery.
