The Central Bank of Nigeria (CBN) says its ongoing economic reforms are beginning to produce positive results, pointing to stronger foreign reserves, a more stable naira and easing inflation as signs that the country’s economy is improving.
Speaking at the CBN Fair held in Gombe on Tuesday, the Governor of the CBN, Olayemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, said Nigeria’s external reserves had risen above $52.5 billion as of July 17, 2026. The figure is the highest recorded in 17 years and has surpassed the bank’s target for the year.
According to the apex bank, the increase in reserves reflects stronger foreign capital inflows and renewed confidence from both local and international investors. It noted that recent reforms have made Nigeria’s financial system more attractive, encouraging greater participation in different investment sectors.
The CBN also highlighted improvements in inflation. Headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026. Food and core inflation also eased during the same period, suggesting that price pressures across the economy are gradually reducing.
Cardoso attributed the progress to several reforms introduced by the bank over the past 34 months. These include tighter monetary policies, the unification of the foreign exchange market, increased transparency in currency trading and measures designed to improve liquidity within the financial system.
He added that the value of the naira has become more stable, with the gap between the official exchange rate and Bureau de Change market falling to less than two per cent. According to the governor, the narrowing gap shows that confidence is gradually returning to Nigeria’s foreign exchange market.
The CBN said its reforms are not only focused on stabilising prices but also on creating a stronger foundation for long-term economic growth, job creation and poverty reduction.
Among the major reforms introduced are the recapitalisation of banks, the launch of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and new liquidity management measures for public sector funds.
The bank explained that these initiatives are aimed at strengthening the financial sector, improving transparency, attracting more investment and aligning Nigeria’s banking system with global standards.
Speaking on the theme of this year’s CBN Fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso reaffirmed the bank’s commitment to expanding digital payment systems across the country.
He said wider adoption of electronic payment channels would help improve financial inclusion by giving more Nigerians easier access to banking services while supporting business growth and economic development.
The governor also described the CBN Fair as an important platform that allows the bank to engage directly with businesses, consumers and other stakeholders. He encouraged participants to ask questions, seek clarification on CBN policies and provide feedback that could help improve future initiatives.
Sidi-Ali urged Nigerians to rely only on official CBN communication channels for information about the bank’s policies. She also reminded citizens to protect the national currency by avoiding acts such as spraying, mutilating, hawking or counterfeiting the naira, all of which remain illegal.
The CBN maintained that it will continue implementing policies aimed at maintaining price stability, strengthening financial markets, rebuilding investor confidence and supporting sustainable economic growth. With foreign reserves at a 17-year high and inflation showing signs of easing, the bank believes its reform programme is beginning to move Nigeria’s economy in a positive direction.
