Nigeria's transport sector is spending more foreign exchange than it has in six years, and the cars coming off shipping containers are the main reason why.
Central Bank of Nigeria data shows that FX utilisation in the transport sector climbed 41.3 percent in the first half of 2026, reaching a six-year high. The surge is being driven primarily by demand for automobile imports, as Nigerians continue to bring in vehicles from overseas markets despite the pressure on the naira.
The figures point to something real happening on the ground. Even with exchange rate volatility, appetite for imported cars has not cooled. If anything, the numbers suggest that demand is outpacing whatever friction the forex market creates.
What this means for Nigeria's broader FX reserves and import policy in the second half of the year is the question worth watching.
Originally published by BusinessDay.