The Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.
The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.
CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe.
Cardoso said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in Nigeria’s economic management.
He noted that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.
According to him, the improvement was driven by disciplined monetary tightening, exchange-rate unification, and improved market transparency.
Cardoso added that the naira had recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.