Nigeria’s oil sector spent 2.148 billion dollars on foreign exchange between January and June 2026, an 18.7 per cent decline from the 2.643 billion dollars recorded during the same period in 2025.
Data from the Central Bank of Nigeria’s second-quarter statistical bulletin, reported by newsmen, showed that forex utilisation rose from 899.29 million dollars in the first quarter to 1.249 billion dollars in the second quarter.
June recorded the highest monthly utilisation at 559.79 million dollars, representing a 47.2 per cent increase from the 380.41 million dollars recorded in May.
The June figure also exceeded the 492.12 million dollars recorded in June 2025, marking the first monthly year-on-year increase in the sector’s forex utilisation in 2026.
Despite the second-quarter recovery, utilisation remained 9.7 per cent lower than the corresponding period last year, while first-quarter usage fell by 28.6 per cent year-on-year.
