The Central Bank of Nigeria (CBN) reported that the petroleum industry consumed $2.15 billion in foreign currency between January and June 2026. According to The Punch, this total was 18.7 percent lower than the $2.643 billion used in the same period last year. The figures, derived from the CBN's quarterly statistical report, indicate a year-on-year reduction of roughly $494.47 million in currency allocated to the sector.
Despite the annual decrease, demand for foreign currency accelerated in the second quarter. The Punch noted that usage rose to $1.249 billion from April through June, up from $899.29 million in the first quarter. This 38.9 percent quarter-on-quarter jump reflects a rebound in the industry's currency needs after spending slowed in early 2026. Although the second-quarter total was 9.7 percent below the $1.384 billion recorded in the same period of 2025, the improvement from the first quarter suggests strengthening requirements as the year progressed.
Monthly data highlights a distinct reversal in the latter part of the period. June recorded the highest monthly usage in the six-month span at $559.79 million. This figure was 47.2 percent higher than the $380.41 million used in May and 13.8 percent above the $492.12 million recorded in June 2025. The June surge marked the first time in six months that sectoral demand exceeded the corresponding level of the previous year, following five consecutive months of lower figures.
The first quarter of 2026 saw a 28.6 percent drop in petroleum industry currency usage compared with the same period in 2025. March recorded the steepest year-on-year decline, with usage falling 54.8 percent to $234.06 million from $517.55 million a year earlier. January and February also showed declines of 16.6 percent and 0.08 percent, respectively. The subsequent recovery in April, May and June helped narrow the cumulative gap, although the total for the first half of 2026 remained below the previous year's level.