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From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) says it remains focused on keeping inflation under control and safeguarding the country’s financial system as recent economic reforms continue to improve macroeconomic stability and boost investor confidence.
The assurance was given on Thursday at a one-day stakeholders’ fair in Bauchi organised by the apex bank to promote financial inclusion, improve public awareness of its operations and obtain feedback on its policies and services.
Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, who was represented by the CBN Branch Controller in Bauchi, Michael Dalyop, said the Bank remained focused on delivering sustainable economic growth through sound monetary policies.
She described the stakeholders’ fair as a strategic platform for improving financial literacy, expanding access to alternative payment channels and strengthening engagement between the Bank and the public.
According to her, Nigeria’s external reserves climbed above $52.5 billion as of July 17, 2026, marking a 17-year high and exceeding the CBN’s annual target. She attributed the improvement to sustained foreign exchange inflows, renewed investor confidence and stronger participation across various asset classes.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
Sidi-Ali noted that headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated, attributing the trend to disciplined monetary tightening, exchange rate unification and improved market transparency.
She added that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing it as evidence of improved stability in the foreign exchange market.
The CBN spokesperson said the Bank had implemented a series of reforms over the past 34 months to lay the foundation for sustainable economic growth, job creation and poverty reduction.
She listed key reforms to include the unification and increased transparency of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
Other measures, she said, include the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary pressures.
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She also disclosed that the CBN, in collaboration with the Financial Markets Dealers Association, introduced the Nigerian Overnight Financing Rate as a transparent, market-based benchmark for short-term funding transactions in line with global best practices.
Speaking on the significance of the stakeholders’ fair, Sidi-Ali said the initiative was designed to deepen financial inclusion, promote alternative payment channels and strengthen public engagement with the apex bank.
“The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” she said.
She urged participants to interact with CBN officials to seek clarification on issues relating to financial consumer protection, payment system innovations, microfinance, monetary policy and currency management.
The apex bank also reiterated its warning against the abuse and misuse of the naira, urging Nigerians to rely only on verified official platforms for information on its policies.
“I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira,” she said, describing the national currency as “an indispensable national symbol and a source of our collective pride.”
Earlier, the CBN Branch Controller in Bauchi, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the Bank’s Strategy 2024–2028 was designed to ensure monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development.
He said reforms in the foreign exchange market had unified exchange rates, improved transparency, boosted investor confidence and helped raise external reserves above $50 billion.
Dalyop added that inflation was on a downward trajectory, while the successful recapitalisation of the banking sector had strengthened financial institutions to better support businesses and economic growth.
He said the stakeholders’ fair brought together consumers, financial institutions, regulators, government agencies and security organisations to promote awareness of alternative payment channels and opportunities within Nigeria’s financial system.
He urged Nigerians to take advantage of the platform by engaging with officials from the CBN and other financial institutions, while also advising members of the public to respect the naira and deposit idle cash in banks to benefit from formal financial services.
