Nigeria’s foreign exchange reserves have surpassed the Central Bank of Nigeria’s (CBN) annual benchmark, climbing above $52.5 billion as of July 17, 2026, marking the country’s highest reserve level in 17 years.
The CBN announced the development on Tuesday, saying the increase was fuelled by stronger investor confidence and sustained capital inflows.
Speaking at the CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations Department, Mrs Hakama Sidi Ali, who delivered the opening remarks on behalf of CBN Governor Olayemi Cardoso, attributed the growth to increased foreign exchange inflows and renewed investor participation across multiple asset classes.
She said the trend reflects growing confidence in Nigeria’s economic management and reform agenda.
According to Sidi Ali, the reforms introduced under Cardoso’s leadership are helping to restore stability to the country’s financial system and are yielding tangible results, including improved macroeconomic conditions, moderating inflation and stronger confidence in the foreign exchange market.
She 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 declined during the period, supported by disciplined monetary tightening, exchange rate unification and greater market transparency.
She further stated that the naira has continued to appreciate, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the development as a sign of improving stability in the foreign exchange market.
Sidi Ali also outlined key reforms implemented by the apex bank over the past 34 months, including the recapitalisation of the banking sector, the introduction of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate benchmark.
Reaffirming the bank’s commitment, Sidi Ali said the CBN would continue to pursue monetary and price stability while implementing policies that encourage investment, strengthen financial markets and support sustainable economic growth.
Earlier, the Branch Controller of the CBN’s Gombe Branch, Mr Yunusa Buba Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies while giving stakeholders the opportunity to ask questions and provide feedback.
He encouraged participants to actively engage in the sensitisation sessions to enhance public understanding of the CBN’s initiatives and their impact on the Nigerian economy.
