Barbara Bako, Abuja.
Nigeria’s external reserves have risen above $52.5 billion, surpassing the Central Bank of Nigeria’s annual target and reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has said.
The apex bank attributed the growth in the country’s foreign reserves to renewed investor confidence, sustained capital inflows and the impact of ongoing economic reforms aimed at strengthening macroeconomic stability.
Speaking at the CBN Fair on Tuesday in Gombe, the Acting Director of Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, who delivered the opening remarks of the CBN Governor, Mr. Olayemi Cardoso, said the reserves stood above $52.5 billion as of July 17, 2026.
She said the increase was driven by sustained foreign exchange inflows and renewed investor participation across different asset classes, reflecting growing confidence in Nigeria’s economic management.
According to her, reforms introduced under Governor Cardoso’s leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market.
She noted that headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period, attributing the trend to disciplined monetary tightening, exchange rate unification and improved market transparency.
Sidi Ali added that the naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the development as evidence of improving stability in the foreign exchange market.
She also highlighted key reforms implemented by the apex bank over the past 34 months, including the banking sector recapitalisation programme, the launch of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.
The CBN reiterated its commitment to maintaining monetary and price stability while pursuing policies that encourage investment, deepen financial markets and support sustainable economic growth.
Earlier, the Branch Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, said the CBN Fair is an annual public engagement initiative designed to educate Nigerians on the Bank’s policies while providing stakeholders with an opportunity to seek clarification and offer feedback.
He encouraged participants to take advantage of the sensitisation sessions to deepen their understanding of the Bank’s initiatives and their implications for the economy.
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