The Central Bank of Nigeria (CBN) has attributed the country’s rising foreign 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 Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, made the assertion while delivering the CBN Governor, Mr Olayemi Cardoso’s, opening remarks at the CBN Fair held on Tuesday at the International Conference Centre, Gombe.

Mrs Sidi Ali disclosed that Nigeria’s foreign reserves had climbed above $52.5 billion as of July 17, 2026, representing a 17-year high and exceeding the Central Bank’s annual target.

She said the increase was supported by sustained foreign exchange inflows and renewed investor participation across various asset classes in the Nigerian economy, reflecting growing confidence in the country’s economic management.

According to a statement by the apex bank, Ali said the reforms introduced under the leadership of CBN Governor Olayemi Cardoso are beginning to produce measurable gains, including improved macroeconomic stability, easing inflation, and greater 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 CBN Acting Director of Corporate Communications further stated that the naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, a development she described as evidence of improving foreign exchange market stability.

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

She reaffirmed the CBN’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, Mr Yunusa Buba Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the Bank’s policies and provide an avenue for stakeholders to ask questions and offer feedback.

He urged participants to actively engage in the sensitisation sessions to enhance public understanding of the Bank’s initiatives and their impact on the nation’s economy. (Nigerian Tribune)

Update news