Nigeria’s Foreign Reserves Rise to $52.5bn, Highest in 17 Years — CBN
Nigeria’s foreign exchange reserves have risen above $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has said.
The CBN attributed the increase to stronger foreign exchange inflows and renewed investor confidence in the Nigerian economy.
Acting Director of Corporate Communications, Hakama Sidi Ali, disclosed this while delivering the remarks of CBN Governor Olayemi Cardoso at the CBN Fair in Gombe.
According to Sidi Ali, the growth in reserves reflects increased investor participation across asset classes and growing confidence in the country’s economic management.
She said reforms implemented by the CBN under Cardoso were beginning to produce measurable improvements in macroeconomic stability, inflation and foreign exchange market conditions.
“Foreign reserves have risen above $52.5 billion as of July 17, 2026, the highest level in 17 years,” she said.
Sidi Ali also highlighted recent movements in inflation and the foreign exchange market as signs of improving economic conditions.
Headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated.
She 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.
The CBN spokesperson said the narrowing differential was an indication of improved stability and greater convergence in the foreign exchange market.
She further outlined several reforms undertaken by the apex bank over the past 34 months, including the recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, deployment of the B-Match foreign exchange trading platform, development of the Nigeria Payments System Vision 2028 and introduction of the Nigerian Overnight Financing Rate benchmark.
According to her, the reforms form part of the CBN’s broader efforts to strengthen monetary and price stability, improve the efficiency of financial markets and enhance confidence in the Nigerian economy.
Earlier, the CBN Controller, Gombe Branch, Yunusa Buba Mubi, described the CBN Fair as an annual platform for educating members of the public about the Bank’s policies and obtaining feedback from stakeholders.
He urged participants to take advantage of the forum to engage with CBN officials and seek clarification on the Bank’s policies and reforms.
Mubi said the reforms were aimed at strengthening the financial system, deepening investment and supporting sustainable economic growth.
The latest reserves figure provides the CBN with a stronger external buffer at a time when the government continues to pursue measures aimed at stabilising the naira, attracting investment and improving overall macroeconomic conditions.
