The Central Bank of Nigeria (CBN) has attributed the country’s rising foreign reserves to renewed investor confidence and sustained capital inflows.
The Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, who made the assertion while delivering the CBN Governor’s opening remarks at the CBN Fair held on Tuesday in Gombe, said the ongoing economic reforms are restoring stability to Nigeria’s financial system.
She disclosed that Nigeria’s foreign reserves had climbed above $52.5 billion as of July 17, 2026, representing a 17-year high and exceeding the Central Bank’s annual target.
Mrs Ali said the increase was supported by sustained foreign exchange inflows and renewed investor participation across various asset classes in the Nigerian economy, reflecting growing confidence in the country’s economic management.
According to her, the reforms introduced under the leadership of CBN Governor Olayemi Cardoso are beginning to produce measurable gains, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market.
She noted that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period due to disciplined monetary tightening, exchange-rate unification and improved market transparency.
The director further stated that the naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, a development she described as evidence of improving foreign exchange market stability.
Earlier, the Branch Controller of CBN in Gombe, Yunusa Buba Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the Bank’s policies and provide an avenue for stakeholders to ask questions and offer feedback.