The Central Bank of Nigeria has said the steady rise in the country’s foreign reserves to more than $52.5 billion reflects the positive impact of ongoing economic reforms, renewed investor confidence and increased capital inflows into the economy.
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Nigeria’s external reserves reached $52.5 billion as of July 17, 2026, marking the country’s strongest reserve position in nearly two decades and surpassing the apex bank’s annual target.
CBN Governor, Olayemi Cardoso, disclosed this at the CBN Fair held at the International Conference Centre in Gombe, where he said the growth in reserves showed that confidence was returning to Nigeria’s economic management and monetary policy direction.
Cardoso, who was represented by the Acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, said the reforms introduced by the apex bank were beginning to produce visible results in macroeconomic stability, inflation management, the foreign exchange market and investor confidence.
“Nigeria’s foreign reserves stood above $52.5 billion as of July 17, 2026, surpassing the bank’s annual target and marking the country’s strongest reserve position in nearly two decades,” he said.
He attributed the improvement to sustained foreign exchange inflows and increased investor participation across different asset classes, saying the trend reflected growing confidence in the direction of Nigeria’s economic reforms.
Cardoso also noted that the gap between the official exchange rate and the Bureau de Change market had narrowed to less than two per cent, describing the development as evidence of improving stability and transparency in the foreign exchange market.
According to him, the shrinking gap between both markets shows that recent reforms are improving price discovery, reducing distortions and restoring confidence in the naira.
He said headline inflation eased slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also recorded declines within the same period.
Cardoso linked the moderation in inflation to disciplined monetary tightening, the unification of the foreign exchange market and improved transparency in exchange rate management.
The CBN Governor also highlighted several reforms introduced by the apex bank over the past 34 months to strengthen the financial system and support economic growth.
He listed the reforms to include the ongoing recapitalisation of banks, the launch of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate as a new benchmark for short-term interest rates.
Cardoso said the Central Bank remains committed to maintaining monetary and price stability while implementing policies that encourage investment, deepen financial markets and support sustainable economic growth.
He added that the apex bank would continue to pursue policies that promote economic stability while creating an environment that supports businesses, investors and long-term national development.
Earlier, the Branch Controller of the CBN, Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement initiative designed to improve public understanding of the Bank’s policies and operations.
Mubi said the programme provides an opportunity for members of the public and other stakeholders to ask questions, seek clarification on CBN initiatives and offer feedback on issues affecting the economy.
He urged participants to take advantage of the interactive sessions to deepen their understanding of the Central Bank’s programmes and their role in supporting Nigeria’s economic development.
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