Foreign exchange demand by end-users in Nigeria fell by 35.23 per cent to $3.42bn in April 2026, easing pressure on the dollar market as the naira recorded modest gains.
Data from the Central Bank of Nigeria showed that the average exchange rate improved to N1,361.22 per dollar in April from N1,379.98 in March. The naira also closed the month at N1,374.94/$ at the Nigerian Foreign Exchange Market, compared with N1,386.72/$ at the end of March.
Visible imports accounted for 41.92 per cent of total foreign exchange utilisation, with industrial activities representing the largest share. Manufactured products, oil imports and food products also accounted for significant portions.
Within invisible imports, financial services dominated demand, accounting for more than 91 per cent of the total.
Average foreign exchange market turnover also declined by 26.97 per cent to $442.54m during the month.
Despite the fall in demand and turnover, Nigeria’s net foreign exchange inflows increased to $5.85bn from $4.16bn in March, largely because outflows declined significantly.
The country’s external reserves remained broadly stable at $48.32bn at the end of April, providing about 10 months of import cover.
The combination of lower dollar demand, reduced outflows and stronger net inflows helped ease pressure on the foreign exchange market and supported the naira’s relative stability during the month.
