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From Emmanuel Adeyemi, Lokoja
The Central Bank of Nigeria (CBN) has said the country’s foreign reserves rose above $52.5 billion in July 2026, the highest level in 17 years and above the apex bank’s annual target.
The apex bank also said the naira had continued to strengthen, with the gap between the official exchange rate and the Bureau de Change (BDC) rate narrowing by two per cent.
The CBN disclosed this yesterday in Lokoja, Kogi State, during an interface with business operators, artisans, students, market women, members of the National Youth Service Corps (NYSC) and other stakeholders.
Acting Director, Corporate Communications and Investors Relations Department, CBN, Mrs Makama Sidi Alli, said the improvement in the country’s reserves was supported by sustained inflows, renewed investor confidence and increased participation across asset classes.
Alli, who was represented by the Branch Controller, CBN, Lokoja, Zubairu Abdulrahman Salihu, said the engagement was one of the bank’s platforms for sensitising the public to its policies and initiatives.
She said the objective was to promote sustainable economic growth and development while obtaining feedback from stakeholders on ways to improve the livelihoods of Nigerians.
The theme of the event, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” she said, underscored the importance of alternative payment channels to monetary and price stability and the development of the financial system.
Alli said the CBN remained committed to maintaining monetary and price stability and performing its other statutory functions under the CBN Act, 2007, as amended.
She said the recent moderation in inflation, growth in foreign reserves and relative stability in the foreign exchange market indicated that the bank’s reforms were yielding positive results.
According to her, data from the National Bureau of Statistics (NBS) showed that headline inflation declined from 15.91 per cent in June 2026 to 15.43 per cent in July.
She added that core and food inflation also eased during the period, attributing the development to monetary policy measures, exchange rate reforms and improved market transparency.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing by two per cent. Nigeria’s foreign reserves remain above US$52.5 billion as of July 2026, marking a 17-year high and surpassing the CBN’s yearly target,” she said.
Alli commended CBN Governor Olayemi Cardoso for what she described as bold reforms over the past 34 months, saying the measures were laying the foundation for the next phase of Nigeria’s economic development, inclusive growth and job creation.
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She listed the reforms to include the unification and increased transparency of the foreign exchange market; recapitalisation of the banking sector; introduction of the non-resident Bank Verification Number (BVN); and the B-MATCH system for foreign exchange trading.
Other measures, she said, included the Nigeria Payments System Vision 2028 (PSV 2028) and the implementation of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to improve liquidity management and mitigate inflationary risks.
Earlier, Salihu said the rapid transformation of financial services through technology had made alternative payment channels essential to expanding access to finance and supporting economic development.
He said financial inclusion would ensure that individuals and businesses had access to affordable and appropriate financial products and services, including payments, savings, credit and insurance.
He said this remained critical to inclusive growth, improved monetary policy effectiveness and greater participation in the formal economy.
Salihu said the stakeholders’ engagement was aimed at deepening financial inclusion and expanding opportunities for underserved groups, including farmers, traders, small businesses and participants in the informal sector.
He thanked the participants for attending the event.
Governor Usman Ododo commended Cardoso for what he described as policies that had gradually improved the economy.
Ododo said financial inclusion should ensure that every citizen, regardless of location, income, occupation, age or social status, had access to appropriate, affordable and secure financial services.
He said expanding financial access was particularly important to Kogi State, given its agricultural, commercial and entrepreneurial potential.
“Alternative channels such as agent banking, mobile money, POS services, USSD, digital wallets, QR-code payments and electronic banking provide important opportunities to reach underserved and rural communities.”
The governor added that farmers needed convenient ways to receive payments, save, access credit and participate in formal financial systems, while traders required reliable payment solutions that reduced the risks associated with carrying cash.
“Young people need digital financial services that enable them to participate in the digital economy, build businesses and access new markets. Women entrepreneurs require accessible financial products that respond to their business needs,” he said.
