Foreign reserves near $53bn as CBN reforms gain traction

Nigeria's foreign reserves have surged to over $52.5 billion as of July 17, 2026, marking a 17-year high and surpassing the Central Bank of Nigeria's annual target. This significant increase signals that the CBN's ongoing monetary reforms are yielding positive results, contributing to stability in the foreign exchange market and moderating inflation.

“

The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.

CBN Governor Olayemi Cardoso, represented by Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications and Investor Relations Department, announced the milestone. He stated that the growth reflects sustained capital inflows, renewed investor confidence, and growing faith in Nigeria's economic management across various asset classes. The apex bank noted that headline inflation saw a marginal decline from 15.93 percent in May 2026 to 15.91 percent in June, with core and food inflation also moderating.

Cardoso attributed these improvements to disciplined monetary tightening, exchange-rate unification, and enhanced market transparency. He further highlighted the strengthening of the naira, evidenced by the narrowing gap between official and Bureau de Change exchange rates to below two percent. These developments are part of a broader strategy implemented over the past 34 months to foster sustainable economic growth, job creation, and poverty reduction.

“

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

The CBN has introduced several key reforms, including the unification and increased transparency of the foreign exchange market, banking sector recapitalization, and the introduction of platforms like the non-resident Bank Verification Number and B-Match. Other initiatives include the Nigeria Payments System Vision 2028 and adjustments to the Cash Reserve Ratio. These measures aim to strengthen liquidity management, improve transparency, deepen financial markets, and align Nigeria’s financial infrastructure with international best practices.

“

The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.