Abuja: Nigeria’s foreign reserves have soared to $52.5 billion as of July 17, 2026, surpassing the Central Bank of Nigeria’s (CBN) annual target and marking the highest level in 17 years.
The apex bank announced the milestone on Tuesday, attributing the surge to renewed investor confidence and sustained capital inflows.
Speaking at a CBN Fair in Gombe, Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, delivering remarks on behalf of Governor Olayemi Cardoso, said the growth reflects stronger foreign exchange inflows and increased investor participation across asset classes.
She explained that the achievement underscores growing confidence in Nigeria’s economic management, with reforms under Cardoso’s leadership driving measurable results. Headline inflation eased slightly from 15.93 percent in May to 15.91 percent in June 2026, while food and core inflation also moderated, supported by tighter monetary policy, exchange rate unification and improved market transparency.
The naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two percent — a sign of improved stability in the foreign exchange market.
Sidi Ali highlighted reforms introduced in the past 34 months, including banking sector recapitalisation, the launch of the Non-Resident Bank Verification Number, the B-Match FX trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.
Reaffirming the bank’s commitment, she said the CBN would continue to prioritise monetary and price stability while implementing policies aimed at attracting investment, strengthening financial markets and supporting sustainable growth.
Earlier, CBN Gombe Branch Controller Mr Yunusa Buba Mubi described the Fair as an annual platform to educate the public on the bank’s policies and provide opportunities for stakeholders to seek clarification and offer feedback. He urged participants to engage actively in the sessions to deepen understanding of the CBN’s initiatives and their impact on the economy.
