Nigeria has recorded its strongest external reserve position in 17 years after reserves crossed the $52.5 billion mark.
The figure, announced by the Central Bank of Nigeria on Tuesday, is also above the apex bank’s annual target and was disclosed by Mrs. Hakama Sidi Ali during the CBN Fair in Gombe.
Representing Governor Olayemi Cardoso, Mrs. Sidi Ali said the July 17, 2026 figure reflects renewed trust in the economy.
She tied the surge to consistent foreign exchange inflows, reforms by the CBN, and a return of investors across stocks, bonds and other assets — a sign that sentiment around Nigeria is improving.
Sidi Ali explained that the reforms implemented under the leadership of the CBN Governor were beginning to deliver measurable results, citing improvements in macroeconomic stability, easing inflationary pressures and increased confidence in the foreign exchange market.
She noted that headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated during the period, attributing the trend to disciplined monetary tightening, exchange-rate unification and enhanced transparency in the foreign exchange market.
According to her, the naira had continued to strengthen, with the gap between the official foreign exchange market and Bureau de Change rates narrowing to below two per cent, a development she said underscored improving stability in the country’s foreign exchange market.
Speaking on key reforms undertaken by the apex bank over the past 34 months, she listed the ongoing banking sector recapitalisation programme, 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 (NOFR) benchmark.
She reaffirmed the Central Bank’s commitment to maintaining monetary and price stability through policies aimed at attracting investment, deepening financial markets and supporting sustainable economic growth.
The Branch Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement initiative designed to improve awareness of the bank’s policies and programmes while providing stakeholders with an opportunity to ask questions, seek clarification and offer feedback.
