Financial services accounted for $9.64 billion, representing 52.58% of Nigeria’s whole overseas alternate utilisation of $18.34 billion within the second quarter of 2026, as quarterly FX demand reached its highest degree since Q3 2011.
This is in response to the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update, which attracts on information 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 within the corresponding quarter of 2025.
Financial Services dominate FX demand:
Invisible transactions, protecting services and monetary funds reasonably than merchandise imports, accounted for the most important share of FX utilisation through the quarter. Demand on this class reached a file $13.24 billion, representing 72.19% of whole utilisation.
The determine was 93.16% larger than the $6.85 billion recorded in Q2 2025, with monetary services contributing a lot of the improve.
- Financial services demand rose 72.81% to $9.64 billion from $5.58 billion, a rise of roughly $4.06 billion.
- Business services utilisation elevated 191.39% to $1.66 billion from $570.41 million.
- Other services demand rose 118.66% to $1.12 billion, whereas import-related demand declined 1.49% to $5.10 billion.
- Industrial imports fell 22.67% to $1.86 billion and oil imports declined 9.75% to $1.25 billion, whereas manufactured merchandise elevated 77.73% to $982.09 million.
FMDA linked the rise in financial-services demand to cross-border funding and fee flows, though the report didn’t present an in depth breakdown of the transactions. Consequently, the $9.64 billion can’t be described solely as funding repatriation or capital flight.
The report additionally recognized $542.56 million in unallocated invisible demand as a result of the June figures didn’t absolutely reconcile with the reported whole.
Autonomous Inflows dominate FX Supply:
Nigeria’s overseas alternate provide grew to become extra reliant on autonomous sources through the quarter, whereas CBN greenback gross sales declined considerably. Autonomous inflows elevated to $23.31 billion, their highest degree since Q1 2020, and accounted for 74.15% of whole FX inflows.
This represented the best autonomous influx share in 13 years, in contrast with 68.48% in Q1 2026 and 63.64% in Q2 2025.
- CBN FX gross sales fell 66.73% to $418.08 million from $1.26 billion in Q1 and declined 86.79% from $3.17 billion a yr earlier.
- Total FX inflows decreased 2.96% to $31.43 billion, though they remained 14.04% larger yr on yr.
- CBN-sourced inflows declined 20.44% to $8.12 billion, whereas whole outflows fell 19.22% to $8.93 billion.
- Net FX flows rose to $22.50 billion, their highest degree since This autumn 2019, whereas first-half internet flows reached $43.84 billion, up 47.24% yr on yr.
According to FMDA, CBN gross sales of $1.67 billion within the first half of 2026 have been the bottom for any half-year interval since its data started in 2008.
CBN outflows declined 35.89% to $4.77 billion, whereas autonomous outflows elevated 15.09% to $4.16 billion.
However, the $22.50 billion internet FX move represents the distinction between reported inflows and outflows and shouldn’t be interpreted as an equal improve in Nigeria’s exterior reserves.
Nigeria’s FX demand shifts towards Services:
The Q2 figures reinforce the rising significance of economic and different services transactions in Nigeria’s overseas alternate market. Nairametrics previously reported that total FX demand increased 91% to $50.93 billion in 2025, its highest degree in six years.
Invisible transactions accounted for $30.99 billion of that quantity, exceeding merchandise import-related demand of $19.94 billion, with monetary services representing the most important part of invisible demand.
- Financial services alone accounted for greater than half of whole FX utilisation in Q2, 2026.
- Invisible transactions represented 72.19% of demand, in contrast with $5.10 billion allotted to imports.
- Autonomous sources provided practically three-quarters of whole FX inflows through the quarter.
Data from the Central Bank of Nigeria (CBN) confirmed that Nigeria’s gross external reserves reached $55.07 billion on October 8 up from $54.95 billion on October 2, reflecting continued development within the nation’s exterior buffers.
FMDA corroborates the expansion in overseas reserves in its newest weekly report printed on Monday, October 12, describing it as the best degree since December 2008.
FMDA, an trade affiliation representing monetary market sellers in Nigeria, compiles information of economic markets transactions. It promotes greatest practices, skilled requirements, market improvement, and collaboration amongst individuals within the nation’s monetary markets.
