Nigeria's foreign reserves hit 17-year high above $52.5bn

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 (CBN) annual target. This significant achievement, occurring as the naira strengthens and the gap between official and parallel market rates narrows, is attributed to sustained inflows and a resurgence of investor confidence across various asset classes.

The Central Bank's Acting Director of Corporate Communications, Hakama Sidi-Ali, highlighted the role of bold reforms implemented over the past 34 months under Governor Olayemi Cardoso. These initiatives aim to build a strong foundation for Nigeria's economic future, fostering inclusive growth and job creation to combat poverty. Key reforms include unifying and enhancing transparency in the foreign exchange market, successfully recapitalizing the banking sector to bolster its resilience and competitiveness, and introducing measures like the non-resident BVN and the B-MATCH System for forex trading.

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The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91 per cent in June to 15.43 per cent 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.

Sidi-Ali also pointed to the positive impact of these policies on inflation, noting that headline inflation slightly decreased from 15.91 percent in June to 15.43 percent in July 2026, with core and food inflation also easing. This moderation is linked to disciplined monetary tightening, exchange-rate unification, and improved market transparency. The CBN continues to engage the public on its policies through events like the fair in Lafia, Nasarawa State, emphasizing financial inclusion and economic development.

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The naira is an indispensable national emblem and a source of collective pride.