The Central Bank of Nigeria (CBN) says the country’s external reserves have risen above 52.5 billion dollars, exceeding its annual target and reaching the highest level in 17 years.
Speaking at the CBN Fair in Gombe on Tuesday, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, who represented the CBN Governor, said the milestone reflects renewed investor confidence and sustained capital inflows into the Nigerian economy.
She said the reserves, which stood above 52.5 billion dollars as of July 17, 2026, were driven by sustained foreign exchange inflows and increased investor participation across various asset classes, signalling growing confidence in Nigeria’s economic management.
Mrs. Sidi Ali said ongoing economic reforms introduced by the apex bank are yielding measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market.
According to her, headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated, reflecting the impact of disciplined monetary tightening, exchange-rate unification and improved market transparency.
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She added that the naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the trend as evidence of increasing stability in the foreign exchange market.
Mrs. Sidi Ali also highlighted key reforms implemented 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.
She reaffirmed the CBN’s commitment to maintaining monetary and price stability through policies aimed at encouraging investment, strengthening financial markets and supporting sustainable economic growth.
Earlier, the Branch Controller of the CBN in Gombe, Mr. Yunusa Buba Mubi, said the CBN Fair serves as an annual platform to educate Nigerians on the Bank’s policies while providing stakeholders with opportunities to ask questions and offer feedback.
He urged participants to take advantage of the engagement to deepen public understanding of the Bank’s initiatives and their impact on the nation’s economy.
