The Central Bank of Nigeria says its monetary reforms are yielding results, with foreign reserves climbing above $52.5 billion and the naira gaining stability across markets.
CBN Governor Olayemi Cardoso disclosed this on Tuesday at the CBN Fair in Gombe, saying the reserves, recorded as of July 17, 2026, exceeded the bank’s annual target and marked the highest level in 17 years.
Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, attributed the milestone to sustained capital inflows and renewed investor confidence.
“This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.
The CBN boss said headline inflation also eased marginally from 15.93 per cent in May to 15.91 per cent in June, with core and food inflation following the same trend.
According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and improved market transparency.”
He added that the naira had stabilized significantly, with the gap between the official rate and Bureau de Change rates narrowing to below 2 per cent.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent,” Cardoso said.
The governor said the apex bank had in the last 34 months rolled out reforms to lay the foundation for sustainable growth, job creation and poverty reduction.
The measures, he listed, include FX market unification, banking sector recapitalization, introduction of the Non-Resident Bank Verification Number, the B-Match FX trading platform, the Nigeria Payments System Vision 2028, a 75 per cent Cash Reserve Ratio on non-TSA public sector deposits, and the adoption of the Nigerian Overnight Financing Rate benchmark.
He said the reforms were designed to strengthen liquidity management, deepen financial markets and align Nigeria’s money market with global best practices.
Speaking on the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN remained committed to expanding alternative payment channels to deepen financial inclusion.
He described the CBN Fair as a platform to engage citizens, businesses and stakeholders directly, explain policies, and receive feedback.
“The fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said, urging participants to ask questions and seek clarifications.
Sidi-Ali also reiterated the bank’s warning against the abuse of the naira.
“I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the naira,” she said.
Earlier, the Branch Controller of CBN Gombe, Yunusa Buba-Mubi, said the fair was an annual engagement to educate the public on the bank’s policies.
The CBN said it would continue to implement policies aimed at maintaining monetary and price stability, strengthening financial markets and rebuilding investor confidence.
