The Central Bank of Nigeria has said the country’s foreign reserves rose above $52.5 billion as of July 17, 2026, the highest level in 17 years and above the apex bank’s annual target, as the naira continued to strengthen and the gap between the official and Bureau de Change exchange rates narrowed to below two per cent.
![](https://thenigerialawyer.com/wp-content/uploads/2026/06/ELLAN.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
The Acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, disclosed this on Tuesday in Lafia, Nasarawa State, during a fair organised by the apex bank and attended by participants from different sectors.
Sidi-Ali attributed the growth in Nigeria’s foreign reserves to sustained inflows as well as renewed investor confidence and increased participation across various asset classes in the country.
She said that over the past 34 months, the CBN Governor, Olayemi Cardoso, had led a series of reforms aimed at establishing a stronger foundation for the next phase of Nigeria’s economy, encouraging inclusive growth, creating jobs and reducing poverty.
According to her, some of the major reforms undertaken by the apex bank include the unification and increased transparency of the foreign exchange market and the recapitalisation of the banking sector, which she said had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other reforms highlighted by Sidi-Ali include the introduction of the Non-Resident Bank Verification Number, designed to connect Nigerians in the diaspora with banking services at home; the B-MATCH System for foreign exchange trading; the unveiling of the Nigeria Payments System Vision 2028; and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary risks.
She said recent economic indicators showed that the measures being implemented by the CBN were beginning to produce positive results.
“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91 per cent in June to 15.43 per cent in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she said.
Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Sidi-Ali said it was deliberately selected to highlight the link between financial inclusion, payment innovation and the CBN’s responsibility to maintain monetary, price and financial system stability.
She explained that the fair was one of the platforms through which the apex bank engages members of the public on its policies, programmes and initiatives, while encouraging feedback necessary to improve implementation and promote sustainable economic growth.
Sidi-Ali also urged Nigerians to treat the naira with dignity, warning against the spraying, hawking, mutilation or counterfeiting of the national currency.
She described the naira as an indispensable national symbol and a source of collective pride that should be protected.
“Under the leadership of Mr Olayemi Cardoso, the Bank’s management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended.
“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.
Also speaking at the event, the CBN Lafia Branch Controller, Njideka Nwabukwu, said one of the principal objectives of the fair was to educate members of the public about the various programmes and initiatives being implemented by the apex bank.
She said the programme also provided an avenue for the CBN to receive feedback from Nigerians on its policies and service delivery.
According to Nwabukwu, the theme of the fair reflected the CBN’s commitment to using innovation and technology to bring more Nigerians into the formal financial system and stimulate sustainable economic development.
She said the apex bank had recorded significant progress in expanding financial inclusion through alternative payment channels, including the growth of agent banking and Point-of-Sale networks across the country.
Nwabukwu also identified the increasing use of mobile money, QR payments, internet banking and instant payment platforms as part of the measures that had improved access to financial services for millions of Nigerians.
She urged entrepreneurs, traders, young people, financial institutions and payment service providers to embrace digital payment solutions and support the drive towards a less cash-dependent economy.
“Today, I therefore urge every participant here to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions.
“I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery.
“Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.
Participants at the CBN fair, including members of the National Youth Service Corps, students and other residents of Nasarawa State, pledged to embrace digital banking and alternative payment channels as a means of reducing frequent visits to banking halls and making financial transactions faster and more convenient.
The CBN maintained that the combination of rising foreign reserves, relative stability in the foreign exchange market, the strengthening of the naira and continued expansion of digital payment infrastructure demonstrated the impact of its ongoing monetary and financial-sector reforms.
“Order Justice Omolaye-Ajileye’s Electronic Evidence Books Now” — Essential Guides On Evidence Act, Case Law And Digital Proof
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
