Nigeria’s overseas trade utilisation rose to $18.34 billion in the second quarter of 2026, its highest quarterly degree since Q3 2011, pushed by providers and monetary funds moderately than merchandise imports.
This is in line with the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update, which attracts on knowledge from the Central Bank of Nigeria (CBN).
Total FX utilisation elevated 12.84% from roughly $16.25 billion in Q1 2026 and 52.42% from $12.03 billion in the corresponding quarter of 2025.
Financial Services Dominate FX Demand:
Invisible-related transactions, protecting providers and monetary funds, accounted for the biggest share of FX utilisation in the course of the quarter. Demand in this class reached a document $13.24 billion, representing 72.19% of the overall and a rise of 93.16% from $6.85 billion a 12 months earlier.
Merchandise imports accounted for $5.10 billion, down 1.49% 12 months on 12 months, highlighting the rising contribution of monetary and providers transactions to total FX demand.
- Financial providers utilised $9.64 billion, or 52.58% of complete FX demand, up 72.81% from $5.58 billion in Q2 2025.
- Business providers demand elevated 191.39% to $1.66 billion, whereas different providers rose 118.66% to $1.12 billion.
- Industrial imports declined 22.67% to $1.86 billion, whereas oil imports fell 9.75% to $1.25 billion.
- Manufactured merchandise demand elevated 77.73% to $982.09 million, whereas food-related utilisation rose 26.20% to $649.99 million.
- Financial providers alone accounted for nearly 1.9 instances the overseas trade utilised for all merchandise imports mixed.
FMDA linked the power in financial-services demand to cross-border funding and fee flows, though the report didn’t present an in depth breakdown of the $9.64 billion.
The determine ought to due to this fact not be interpreted solely as confirmed funding repatriation or capital flight, whereas the report additionally recognized $542.56 million in unallocated invisible demand as a result of the June figures didn’t absolutely reconcile.
Autonomous inflows dominate FX provide:
Nigeria’s overseas trade inflows grew to become extra reliant on autonomous sources in the course of the second quarter, whereas CBN greenback gross sales declined sharply. Autonomous inflows elevated to $23.31 billion, their highest degree since Q1 2020, and accounted for 74.15% of complete inflows.
- This represented the best autonomous influx share in 13 years, in contrast with roughly 64% of complete inflows recorded all through 2025.
- CBN FX gross sales fell 66.73% to $418.08 million from $1.26 billion in Q1 2026.
- First-half CBN greenback gross sales totalled $1.67 billion, the bottom for any half-year interval since FMDA’s information started in 2008.
- Total FX inflows declined 2.96% to $31.43 billion, whereas CBN-sourced inflows fell 20.44% to $8.12 billion.
- Total FX outflows decreased 19.22% to $8.93 billion, lifting internet FX flows to $22.50 billion, their highest degree since This autumn 2019.
- First-half internet FX flows reached $43.84 billion, representing a 47.24% enhance from the corresponding interval of 2025.
- The figures point out that autonomous sources equipped practically three-quarters of complete inflows in the course of the quarter, whilst total inflows declined from Q1.
However, internet FX flows characterize the distinction between reported inflows and outflows and shouldn’t be interpreted as an equal enhance in Nigeria’s exterior reserves.
Financial funds reshape FX demand:
The newest figures prolong a sample already evident in Nigeria’s overseas trade market throughout 2025, when providers and monetary transactions accounted for a bigger share of utilisation than merchandise imports.
- Nairametrics beforehand reported that complete FX utilisation elevated 91.1% to $50.93 billion in 2025, its highest annual degree since 2019.
- Invisible transactions accounted for $30.99 billion of FX utilisation in 2025, in contrast with $19.94 billion allotted to imports.
- Total FX inflows reached $109.9 billion in 2025, in line with figures beforehand reported by Nairametrics.
- Autonomous inflows elevated 25.12% to $70.54 billion in 2025, representing 64.21% of complete inflows.
- The autonomous influx share subsequently elevated to 74.15% in Q2 2026, whereas monetary providers accounted for 52.58% of FX utilisation.
FX utilisation measures overseas trade utilized by the transaction class, whereas internet flows measure the distinction between reported inflows and outflows.
