Oil sector’s FX demand hits $2.15bn – CBN
Nigeria’s oil sector utilised $2.15bn in foreign exchange in the first half of 2026, an 18.7% decline from 2025, says the Central Bank of Nigeria. Read More: https://punchng.com/oil-sectors-fx-demand-hits-2-15bn-cbn/
In the first half of 2026, Nigeria's oil sector utilized $2.15 billion in foreign exchange, despite experiencing a 18.7% decline compared to the same period in 2025, according to The PUNCH. The Nigerian Central Bank (CBN) data, sourced from the Central Bank's Quarterly Statistical Bulletin for the second quarter of 2026, reveals that the oil sector's FX usage amounted to $2.148 billion between January and June, a reduction of approximately $494.47 million year-on-year.
However, the demand for FX in the oil sector surged in Q2, with a 38.9% quarter-on-quarter increase, reaching $1.249 billion between April and June from $899.29 million in the first quarter. June specifically saw the highest monthly oil-sector FX utilisation at $559.79 million, marking a 47.2% increase from May's $380.41 million and a 13.8% rise from June 2025's $492.12 million.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
