By Seun Ibiyemi
The Central Bank of Nigeria (CBN) has attributed Nigeria’s rising foreign reserves to renewed investor confidence and sustained capital inflows, saying its ongoing economic reforms are strengthening macroeconomic stability and restoring confidence in the country’s financial system.
Speaking on behalf of the CBN Governor, Olayemi Cardoso, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, said Nigeria’s gross external reserves had risen above $52.5 billion as of July 17, 2026, the highest level in 17 years and above the Central Bank’s target for the year.
She made the disclosure while delivering the Governor’s opening remarks at the CBN Fair held on Tuesday at the International Conference Centre in Gombe.
According to Sidi Ali, the growth in reserves was driven by sustained foreign exchange inflows and renewed participation by both domestic and foreign investors across multiple asset classes, reflecting increasing confidence in Nigeria’s economic management.
She said the reforms implemented under Cardoso’s leadership were beginning to yield tangible results, citing improved macroeconomic stability, moderating inflation and enhanced confidence in the foreign exchange market.
The CBN official disclosed that headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also slowed during the period.
She attributed the trend to disciplined monetary tightening, exchange-rate unification and greater transparency in the foreign exchange market.
Sidi Ali also noted that the naira had continued to strengthen, with the gap between the official foreign exchange market and Bureau De Change rates narrowing to below two per cent, describing the development as a sign of improving exchange-rate stability.
She highlighted key reforms introduced 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.
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According to her, the Central Bank remains committed to maintaining monetary and price stability while implementing policies that deepen investor confidence, strengthen financial markets and support sustainable economic growth.
Earlier, the Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement initiative aimed at educating Nigerians on the Bank’s policies and providing stakeholders with an opportunity to seek clarification and offer feedback.
He encouraged participants to actively engage during the sessions to improve public understanding of the Central Bank’s policies and their impact on the economy.
