Financial services absorb $9.64 billion as Nigeria’s FX demand hits 15-year high
Financial services accounted for $9.64 billion, representing 52.58% of Nigeria's total foreign exchange utilisation of $18.34 billion in the second quarter of 2026, as quarterly FX demand reached its highest level since Q3 2011. The post Financial services absorb $9.64 billion as Nigeria’s FX demand hits 15-year high appeared first on Nairametrics .
Financial services played a significant role in Nigeria's foreign exchange market in the second quarter of 2026, with $9.64 billion allocated, or 52.58% of the total $18.34 billion utilization. This demand was the highest since the third quarter of 2011, according to the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update.
Total foreign exchange utilization rose 12.84% from approximately $16.25 billion in the previous quarter and 52.42% from $12.03 billion in the same period last year. Invisible transactions, which include services and financial payments rather than merchandise imports, had the largest share of FX utilization during the quarter, reaching $13.24 billion or 72.19% of the total. Financial services significantly contributed to this increase.
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