CBN declares stable forex, says Nigeria’s foreign reserves hit 17-year high at $52.5bn

The Central Bank of Nigeria (CBN) says the recent stability in the foreign exchange market, rising external reserves, easing inflation show, are its ongoing monetary reforms that are producing positive results.

The CBN Governor, Olayemi Cardoso, said this at the CBN Fair in Gombe on Tuesday, August 4, 2026.

Cardoso said headline inflation fell slightly from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also declined.

Cardoso, who was represented by the CBN Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, attributed the improvement to disciplined monetary tightening, exchange rate reforms, and improved market transparency.

He said the naira has become more stable, with the gap between the official exchange rate and Bureau de Change rates falling to below two per cent.

Cardoso said Nigeria’s external reserves had risen above $52.5 billion as of July 17, 2026, describing it as the highest level in 17 years and above the CBN’s annual target.

He said the increase was driven by sustained inflows and renewed investor confidence in the Nigerian economy.

The CBN boss added that the apex bank introduced several reforms over the past 34 months to support sustainable economic growth, create jobs, and reduce poverty.

According to him, the reforms include the unification of the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number, the B-Match foreign exchange trading system, the Nigeria Payments System Vision 2028.

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Cardoso further stated that the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits was aimed at improving liquidity management and reducing inflationary pressure.

Cardoso said the CBN had worked with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a benchmark for short-term funding transactions.

He said the rate would provide a transparent, market-based reference and align Nigeria’s money market with international standards.

He also urged Nigerians to obtain information on CBN’s policies only from the bank’s verified platforms.

He warned against spraying, hawking, mutilating, or counterfeiting the naira, describing the national currency as a symbol of the country’s pride.

Earlier, the CBN Branch Controller in Gombe, Yunusa Buba-Mubi, said the fair formed part of the bank’s public engagement activities.

Buba-Mubi said it was designed to educate the public on the CBN’s policies while giving citizens and stakeholders the opportunity to provide feedback.