Nigeria’s foreign reserves have risen above the Central Bank of Nigeria (CBN) annual target, reaching over $52.5 billion as of July 17, 2026, marking the country’s highest reserve level in 17 years.
The CBN disclosed this on Tuesday, attributing the milestone to renewed investor confidence, sustained foreign capital inflows and ongoing economic reforms aimed at strengthening the nation’s financial system.
Speaking at the CBN Fair held in Gombe State, the Acting Director of the Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, who delivered the opening remarks on behalf of the CBN Governor, Mr. Olayemi Cardoso, said the increase in foreign reserves reflects growing confidence in Nigeria’s economic management.
According to her, stronger foreign exchange inflows and increased investor participation across different investment assets have significantly boosted the country’s external reserves.
She noted that the reforms introduced under the leadership of the CBN Governor are beginning to produce measurable results, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market.
Sidi Ali explained that headline inflation declined slightly from 15.93 percent in May to 15.91 percent in June 2026, while both food and core inflation also moderated during the period.
She attributed the improvement to the CBN’s disciplined monetary tightening policies, exchange rate unification and increased transparency in the foreign exchange market.
The CBN official also disclosed that the Naira has continued to strengthen, noting that the gap between the official exchange rate and the Bureau de Change (BDC) market has narrowed to less than two percent, which she described as another sign of improving stability in the foreign exchange market.
Highlighting other achievements recorded by the apex bank over the past 34 months, Sidi Ali listed the ongoing banking sector recapitalisation programme, the introduction of the Non-Resident Bank Verification Number (NRBVN), the launch of the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, and the introduction of the Nigerian Overnight Financing Rate benchmark as key reforms aimed at strengthening the country’s financial system.
She reaffirmed the Central Bank’s commitment to maintaining monetary and price stability while implementing policies that encourage investment, deepen financial markets and promote sustainable economic growth.
“The reforms introduced under the leadership of the CBN Governor are producing measurable gains, including improved macroeconomic stability, easing inflation and increased confidence in the foreign exchange market,” Sidi Ali said.
Earlier, the Branch Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement platform designed to educate Nigerians about the bank’s policies while giving stakeholders the opportunity to ask questions, make observations and provide feedback.
He encouraged participants to actively engage in the sensitisation sessions to improve public understanding of the Central Bank’s policies and their impact on Nigeria’s economy.
The latest figures indicate that Nigeria’s foreign reserves have now exceeded the CBN’s annual target, reflecting what the apex bank says is growing investor confidence and the positive impact of recent economic reforms.
