Nigeria’s foreign exchange utilisation rose sharply to $16.2bn in the first quarter of 2026, representing a 74 per cent increase from the same period a year earlier, as improved dollar supply and greater currency stability boosted activity across the economy.
The latest figures, contained in the Central Bank of Nigeria’s Quarterly Statistical Bulletin, show that the increase was largely driven by invisible transactions, which more than doubled year-on-year to $11.4bn from $4.5bn.
Invisible transactions consequently accounted for about 70 per cent of Nigeria’s total foreign exchange utilisation during the quarter.
The financial services industry was responsible for the largest portion of demand within the invisible transactions segment. Its FX utilisation climbed 117 per cent year-on-year to $9bn, representing 79 per cent of total invisible transactions.
Business services recorded the second-highest utilisation within the category, rising significantly to $1.2bn from $223.6m in Q1 2025.
