Nigeria’s foreign reserves surpass annual target, rise above $52.5bn – CBN

Nigeria's foreign reserves have surged past $52.5 billion as of July 17, 2026, marking the highest level in 17 years and surpassing the Central Bank of Nigeria's (CBN) annual target. This significant increase reflects renewed investor confidence and sustained capital inflows into the country.

Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications and Investor Relations at the CBN, highlighted that the growth is a direct result of stronger foreign exchange inflows and increased investor participation across various asset classes. She emphasized that these developments underscore growing confidence in Nigeria's economic management and the effectiveness of ongoing reforms, which are successfully restoring stability to the nation's financial system.

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The growth was driven by renewed investor confidence and sustained capital inflows.

The reforms implemented under CBN Governor Mr. Olayemi Cardoso have yielded measurable gains, including improved macroeconomic stability and a moderation in inflation. Headline inflation saw a slight decrease from 15.93% in May to 15.91% in June 2026, with both food and core inflation also declining. These improvements are supported by disciplined monetary tightening, exchange rate unification, and enhanced market transparency.

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The reforms are restoring stability to Nigeria’s financial system.

Furthermore, the Naira has shown consistent strengthening, narrowing the gap between official and Bureau de Change exchange rates to below two percent. This development signals increasing stability in the foreign exchange market. The CBN also noted other key reforms over the past 34 months, such as banking sector recapitalization and the launch of new platforms like the Non-Resident Bank Verification Number (NRBVN) and the B-Match foreign exchange trading platform, alongside the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate benchmark.

The CBN reaffirmed its commitment to pursuing monetary and price stability. The bank plans to continue implementing policies that foster investment, strengthen financial markets, and support sustainable economic growth. The CBN Fair in Gombe served as a platform to educate the public on these policies and gather feedback from stakeholders.

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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.