The Central Bank of Nigeria (CBN) has said recent monetary and foreign exchange reforms are strengthening confidence in the economy, with external reserves rising to $52.52 billion and the naira recording improved stability.
The apex bank disclosed that its policy interventions under Governor Olayemi Cardoso are beginning to produce measurable results, including a moderation in inflation, improved liquidity management and greater transparency in the foreign exchange market.
Speaking at the CBN Fair in Bauchi, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, said headline inflation eased marginally to 15.91 per cent in June 2026 from 15.93 per cent in May, while food and core inflation also recorded declines during the period.
Represented by the CBN Bauchi Branch Controller, Mr Michael Dalyop, Sidi Ali acknowledged that inflation remained a challenge but noted that the downward movement indicated that the bank’s policies were having the desired impact.
She said the increase in foreign reserves to $52.52 billion as of July 17, 2026, representing about 11 months of import cover, reflected the impact of tighter monetary management, exchange rate reforms and improved market transparency.
According to her, the current reserve level is the highest recorded by Nigeria in 17 years and exceeds the CBN’s annual target.
The CBN spokesperson also revealed that the gap between the official foreign exchange market and Bureau de Change rates had narrowed to below two per cent, signalling reduced volatility and improving stability in the FX market.
She attributed the progress to major reforms, including the unification of the foreign exchange market, banking sector recapitalisation, the introduction of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and liquidity management measures.
Sidi Ali said the reforms were aimed at improving investor confidence, strengthening the resilience of financial institutions and positioning the economy for sustainable growth.
Meanwhile, the CBN Bauchi Branch Controller, Mr Salahu Bello Mohammed, said the bank’s policies were designed to support all categories of economic players, including individuals, small businesses and large corporations.
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He encouraged businesses and individuals to take advantage of opportunities within the financial system by engaging in productive activities that would increase income generation and contribute to economic growth.
Mohammed added that the successful completion of the banking sector recapitalisation exercise had strengthened financial institutions’ capacity to support businesses and other productive sectors.
The CBN Fair also provided a platform for stakeholders to receive information on financial inclusion, consumer protection, payment systems, monetary policy and other banking services.
The apex bank expressed optimism that increased awareness and wider adoption of digital payment channels would deepen financial inclusion and support Nigeria’s economic development.
