Nigeria's FX utilisation hits record $7.61bn in June as services overtake imports
Nigeria's foreign exchange utilisation surged to a record $7.61 billion in June 2026, a 78% jump from $4.27 billion in June 2025 and 36% above May's $5.59 billion, according to CBN's Q2 2026 Statistical Bulletin. The milestone marks the highest monthly figure since April 2022.
Invisible transactions—FX for services rather than physical goods—drove the surge, accounting for $5.63 billion (74% of total) versus $2.43 billion a year earlier. Import-related utilisation rose modestly to $1.98 billion from $1.84 billion. Financial services led with $3.50 billion (up 108% year-on-year), while "other services" more than doubled to $1.04 billion. Business services hit $451 million, oil sector $560 million, and manufactured goods imports $448 million.
This continues 2025's trend where total utilisation jumped 91% to $50.93 billion, with invisible transactions ($31 billion) dwarfing imports ($20 billion). Meanwhile, 2025 FX inflows reached $109.9 billion, with autonomous sources providing 64% ($70.5 billion).
The shift signals a structural change: Nigeria's FX demand is increasingly service-driven—financial services, tech, consulting, education, medical tourism—rather than import-dependent. For businesses, this means exchange rate pressure may persist even if import bills shrink. Service exporters earn dollars locally; importers compete for limited supply.
If your business needs FX, will you hedge through forwards, price in naira, or build dollar revenue streams? The CBN's next move—whether tightening supply or letting the market clear—will shape the answer.