As the naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below 2%, Nigeria’s foreign reserves remained above $52.5 billion as of July 17, 2026, marking a 17-year high and surpassing the Central Bank of Nigeria’s (CBN’s) yearly target.

This feat was supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.

The Acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, stated this Tuesday in Lafia, the Nasarawa State capital, during a fair organised by the CBN, which had participants from across various sectors of the state.

She explained that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had led bold reforms to establish the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.

Sidi-Ali mentioned some of the reforms to include, the unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation, which according to her, “has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry”.

Others are the launch of the non-resident BVN to connect Nigerians abroad with local banking services; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028 (PSV 2028); and introduction of a 75% Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to enhance liquidity management and curb inflationary risks, among other reforms.

“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightty from 15.91% in June to 15.43% in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she explained.

Speaking about the theme of the fair, ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,’ the CBN Acting. Director said it was carefully chosen to highlight the connections that drive critical activities for the desired monetary, price and financial system stability, which is at the heart of the CBN.

She said: “The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives,” noting that its objective was to promote sustainable economic growth and development across the country.

She used the opportunity to urge the participants to uphold the cleanliness and respect of the naira, while emphasising that it is prohibited to spray, hawk, mutilate or counterfeit the naira, as it is not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.

“Under the leadership of Mr. Olayemi Cardoso, the bank’s management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended.

“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.

On her part, the Branch Controller, CBN Lafia, Njideka Nwabukwu, said one of the key objectives of the fair is to enlighten the public about various initiatives of the CBN, while also providing a platform for valuable feedback to help the bank improve its service delivery and policy implementation.

She said the theme, ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,’ could not be more apt, as it underscores the CBN’s unwavering commitment to leveraging innovation and technology to bring more Nigerians into the formal financial system and stimulate sustainable economic growth.

Nwabukwu narrated that over the years, the bank has recorded notable milestones in deepening financial inclusion through alternative payment channels — from expanding agent banking and Point-of-Sale (POS) networks nationwide to promoting mobile money, QR payments, internet banking, and instant payment platforms.

She said these initiatives have significantly improved access to financial services for millions of Nigerians.

“Today, I therefore urge every participant here to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions.

“I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery.

“Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.

THISDAY further reports that participants at the CBN fair, including members of the National Youth Service Corps (NYSC), students and other residents of the state pledged to embrace digital banking and other alternative payment channels in order to reduce the stress of regular visit to banks, and to make transactions more easier and faster. (THISDAY)

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