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

Nigeria’s foreign reserves have risen above $52.5bn, exceeding the Central Bank of Nigeria’s annual target and reaching their highest level in 17 years, the apex bank disclosed on Tuesday.

The CBN attributed the growth in the country’s external reserves to renewed investor confidence and sustained capital inflows, saying its ongoing economic reforms are restoring stability to Nigeria’s financial system.

The Acting Director of the Corporate Communications and Investor Relations Department of the CBN, Hakama Ali, disclosed this in a statement issued on Tuesday.

According to the statement, “The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s foreign reserves have exceeded the its annual target and have climbed above $52.5 billion as of July 17, 2026, representing a 17-year high.”

She said the development reflected growing confidence in Nigeria’s economic management.

Sidi Ali said the reforms introduced under the leadership of Cardoso were beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market.

“She noted that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period due to disciplined monetary tightening, exchange-rate unification and improved market transparency,” the statement reads.

The CBN spokesperson added that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, which she described as evidence of improving stability in the foreign exchange market.

She also highlighted reforms introduced by the apex bank over the past 34 months, including the banking sector recapitalisation programme, the launch of the non-resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.

Sidi Ali reaffirmed the apex bank’s commitment to maintaining monetary and price stability while implementing policies that encourage investment, strengthen financial markets and promote sustainable economic growth.

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Mubi, described the CBN Fair as an annual engagement platform designed to educate members of the public on the bank’s policies and to provide stakeholders with an opportunity to ask questions and offer feedback.

He urged participants to actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the nation’s economy.

The CBN Fair is part of the bank’s public enlightenment programme aimed at improving communication with citizens and increasing awareness of its monetary policies, financial inclusion initiatives and consumer protection measures.

The announcement comes as the apex bank continues to implement reforms targeted at strengthening macroeconomic stability, rebuilding investor confidence and improving the efficiency of Nigeria’s foreign exchange market following the adoption of a more market-driven exchange rate regime.