The Central Bank of Nigeria (CBN) has announced that the country’s foreign reserves surpassed $52.5 billion as of July 17, 2026, representing their highest level in 17 years.
The Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, disclosed this at a fair organised by the apex bank in Lafia, Nasarawa State.
Sidi-Ali attributed the increase to sustained foreign exchange inflows, renewed investor confidence and growing participation across Nigeria’s asset classes.
She said the figure exceeded the CBN’s target for the year and reflected the impact of reforms introduced under Governor Olayemi Cardoso over the past 34 months.
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According to her, the reforms have helped establish a foundation for Nigeria’s next phase of economic development, with an emphasis on inclusive growth, job creation and poverty reduction.
Among the measures highlighted were the unification and improved transparency of the foreign exchange market and the successful recapitalisation of the banking sector.
Sidi-Ali said the recapitalisation exercise had strengthened the resilience, capacity and competitiveness of Nigeria’s banking industry.
She also listed the introduction of the Non-Resident Bank Verification Number, designed to connect Nigerians living abroad with domestic banking services, and the B-Match System for foreign exchange trading.
Other reforms include the unveiling of the Nigeria Payments System Vision 2028 and the introduction of a 75 per cent Cash Reserve Ratio on public-sector deposits outside the Treasury Single Account.
According to Sidi-Ali, the CRR measure was introduced to strengthen liquidity management and reduce inflationary risks.
She also cited data from the National Bureau of Statistics showing that headline inflation moderated from 15.91 per cent in June to 15.43 per cent in July 2026.
Core and food inflation also eased during the period, which she attributed to monetary tightening, foreign exchange market reforms and improved transparency.
Speaking on the fair’s theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Sidi-Ali said it reflected the relationship between digital payments, financial inclusion and economic stability.
She explained that the CBN remained focused on promoting monetary, price and financial-system stability while expanding access to formal financial services.
The CBN Branch Controller in Lafia, Njideka Nwabukwu, said the fair was organised to educate the public about the apex bank’s policies and initiatives.
Nwabukwu added that the event also provided a platform for participants to offer feedback that could help the CBN improve service delivery and policy implementation.
