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The Central Bank of Nigeria (CBN) has said the country’s rising foreign reserves reflect renewed investor confidence in the economy, attributing the development to ongoing monetary and financial sector reforms aimed at restoring macroeconomic stability.
The Acting Director of the Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, stated this while delivering the Governor’s opening remarks at the CBN Fair held on Tuesday at the International Conference Centre, Gombe.
Sidi Ali disclosed that Nigeria’s foreign reserves had risen above $52.5 billion as of July 17, 2026, describing the figure as a 17-year high that exceeded the Central Bank’s annual target.
According to her, the reserve growth has been driven by sustained foreign exchange inflows and renewed investor participation across various asset classes, signalling growing confidence in Nigeria’s economic reforms and financial markets.
She said the reforms introduced under the leadership of CBN Governor Olayemi Cardoso are beginning to yield tangible results, with improvements recorded in inflation, foreign exchange stability and overall investor sentiment.
The CBN spokesperson noted that the latest data from the National Bureau of Statistics showed headline inflation easing from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated over the same period.
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She added that the naira has continued to strengthen, with the gap between the official foreign exchange market and Bureau de Change rates narrowing to below two per cent, reflecting improved transparency and stability in the market.
Sidi Ali highlighted several policy measures introduced by the apex bank over the past 34 months, including foreign exchange market reforms, banking sector recapitalisation, the launch of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate benchmark.
She reaffirmed the CBN’s commitment to sustaining policies that promote monetary and price stability, strengthen the financial system and create an enabling environment for investment and inclusive economic growth.
Earlier, the Branch Controller of the CBN Gombe Branch, Mr Yunusa Mubi, described the CBN Fair as an annual public engagement platform designed to educate Nigerians on the Bank’s policies while providing an opportunity for stakeholders to ask questions and offer feedback.
He urged participants to actively engage in the sensitisation sessions to deepen public understanding of the CBN’s initiatives and their contribution to national economic development.
