CBN reaffirms commitment to price stability, inflation control

The Central Bank of Nigeria (CBN) has reiterated its commitment to sustaining monetary and financial system stability through policies aimed at curbing inflation, maintaining price stability and supporting long-term economic growth.

The assurance was given at a one-day stakeholders’ fair in Bauchi, where the apex bank engaged members of the public on its policies, financial inclusion initiatives and payment system reforms.

Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, said the CBN would remain focused on delivering its statutory mandate through prudent monetary policy and ongoing financial sector reforms.

Represented by the CBN Branch Controller in Bauchi, Michael Dalyop, she said recent reforms introduced by the bank were beginning to produce positive outcomes, citing improved macroeconomic stability, easing inflation and growing confidence in Nigeria’s foreign exchange market.

According to the apex bank, the country’s external reserves climbed above $52.5bn as of July 17, 2026, the highest level recorded in 17 years, driven by stronger foreign exchange inflows and renewed investor confidence.

The CBN also noted that inflation continued to moderate, with headline inflation dropping from 15.93 per cent in May to 15.91 per cent in June 2026. Food and core inflation also recorded slight declines, which the bank attributed to tight monetary policies, exchange rate reforms and improved market transparency.

Sidi-Ali said the narrowing gap between the official exchange rate and Bureau de Change market rates to below two per cent indicated increasing stability in the foreign exchange market.

She highlighted several reforms implemented over the past 34 months, including foreign exchange market liberalisation, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading platform and the Nigeria Payments System Vision 2028.

The apex bank also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits and the launch of the Nigerian Overnight Financing Rate as measures designed to strengthen liquidity management and improve transparency in the financial system.

Sidi-Ali said the stakeholders’ fair formed part of the CBN’s efforts to deepen financial inclusion, promote digital payment channels and improve public understanding of the bank’s policies.

She urged Nigerians to use only official CBN platforms for information on its programmes and warned against the abuse of the naira, stressing that spraying, mutilating, hawking or counterfeiting the national currency remained offences under the law.

Earlier, the CBN Branch Controller in Bauchi, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s 2024–2028 strategy was designed to strengthen monetary stability while expanding access to financial services and supporting inclusive economic growth.

He added that the stakeholders’ engagement brought together regulators, financial institutions, government agencies and consumers to improve awareness of financial services and encourage greater participation in the formal financial system.