Commercial banks across Nigeria have started marketing Form Q more actively in recent weeks, putting the long-standing CBN channel for official-rate dollars in front of small and medium-sized businesses that need to pay overseas suppliers. The shift has prompted conversation among customers and fintech founders who serve many of the same customers.
Akinsola Jegede, founder of VitalSwap, offered a measured reading of what the renewed visibility of Form Q actually signals for companies working in payments, SME services, and cross-border corridors.
Form Q allows qualifying SMEs to purchase limited foreign exchange at the official rate and send it directly to suppliers abroad. For a long time the form sat unused in practice because supply rarely matched the scale of demand. The current push from banks suggests liquidity conditions have improved enough for them to promote it again. Jegede sees the development as constructive yet incomplete.
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Last updated: August 14, 2026
