The Central Bank of Nigeria (CBN) says its monetary and foreign exchange reforms have restored investor confidence, strengthened the naira and pushed the country’s external reserves to their highest level in 17 years.
CBN Governor Olayemi Cardoso disclosed this during the CBN Fair held at the International Conference Centre in Gombe, where he said the bank’s policy measures were beginning to deliver measurable economic improvements.
Represented by the CBN Acting Director of Corporate Communications and Investor Relations, Hakama Sidi Ali, Cardoso said stronger foreign exchange inflows and improved confidence in Nigeria’s economic management had driven the steady rise in reserves.
According to the apex bank, the country’s external reserves exceeded the annual target, reaching more than $52.5 billion as of July 17, 2026.
The CBN described the growth as a reflection of renewed foreign investor participation, improved transparency in the foreign exchange market and disciplined monetary policies.
Cardoso said the reforms had contributed to improved macroeconomic stability and helped reduce pressure on prices.
He noted that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also recorded moderation.
The CBN governor attributed the trend to tighter monetary policies, exchange-rate reforms and greater transparency in the foreign exchange system.
He also said the naira had continued to stabilise, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.
According to him, the development shows increasing confidence and improved stability in the foreign exchange market.
Cardoso highlighted several initiatives introduced within the past 34 months aimed at strengthening Nigeria’s financial system.
These include the ongoing banking sector recapitalisation programme, the introduction of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate benchmark.
He reaffirmed the CBN’s commitment to maintaining monetary and price stability while implementing policies that encourage investment, strengthen financial markets and support long-term economic growth.
Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa BubaMubi, described the CBN Fair as an avenue for educating Nigerians about the bank’s policies and gathering feedback from stakeholders.
He encouraged participants to actively engage in the sessions, saying better public understanding of monetary policies would help Nigerians appreciate their impact on the economy.
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