MON AUG 31 2026-theGBJournal| Nigeria’s foreign-exchange utilisation across sectors rose to a record $34.59 billion in the first half of 2026, driven by a sharp increase in demand for invisible imports, particularly financial and business services, according to data from the Central Bank of Nigeria (CBN).
Total sectoral FX utilisation increased 61.9% year-on-year from $21.37 billion in H1 2025, reaching its highest level in the CBN’s 2010–2026 data series.
The increase highlights a significant shift in the composition of foreign-exchange demand, with services accounting for most of the growth while demand linked to physical imports remained broadly subdued.
Invisible import utilisation accounted for 71.2% of total FX utilisation, surging 117.2% year-on-year to $24.63 billion, from $11.34 billion a year earlier.
The sharp rise was largely concentrated in financial and business services.
FX utilisation for financial services almost doubled, rising 97.0% to $19.16 billion, compared with $9.72 billion in H1 2025.
Business services recorded an even steeper increase, with utilisation jumping 263.7% to $2.89 billion, from just $749 million in the corresponding period last year.
The surge in invisible imports more than offset a modest contraction in the amount of FX used to finance visible imports, suggesting that the increase in overall FX demand during the period was increasingly linked to services rather than the purchase of physical goods.
Visible imports remain subdued
Visible import utilisation declined marginally by 0.7% year-on-year to $9.96 billion, from $10.03 billion in H1 2025.
The weakness was concentrated in the industrial and oil sectors.
FX utilisation in the industrial sector fell 21.2% to $3.72 billion, compared with $4.72 billion a year earlier, while oil-sector utilisation declined 18.7% to $2.15 billion, from $2.64 billion.
The divergence between visible and invisible imports is significant for Nigeria’s external-sector outlook.
While overall FX demand has accelerated, the data indicate that much of the additional demand is coming from services, even as some traditional import categories continue to see lower utilisation.
The decline in oil-sector utilisation could also reflect changes in Nigeria’s domestic refining landscape, particularly as local refining capacity gradually expands and reduces the need to source refined petroleum products from overseas.
Analysts see scope for further FX utilisation
Cordros Research analysts expect the trend in visible imports to remain relatively constrained in the near term, partly because rising domestic refining activity should reduce Nigeria’s dependence on imported refined petroleum products.
“Looking ahead, we expect visible imports to remain constrained, partly reflecting lower refined petroleum products import as domestic refining activity expands,” the analysts said.
At the same time, Cordros expects conditions in the FX market to remain broadly stable in the near term, supported by improving macroeconomic conditions and continued measures by the CBN to strengthen liquidity.
“We also expect FX liquidity conditions to remain broadly stable in the near term, supported by improving macroeconomic conditions and continued CBN measures to support FX market liquidity,” the analysts said.
They added that improved liquidity should create more room for businesses and other economic sectors to access foreign currency.
“This should provide greater scope for increased FX utilisation across sectors.”
The H1 figures therefore present a mixed picture for Nigeria’s FX market: overall utilisation has reached an unprecedented level, but the composition of demand is shifting decisively towards invisible imports, led by financial and business services, while goods-related FX demand remains comparatively restrained.
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