By Daniel Oluwatobiloba Popoola
Nigeria’s external reserves have risen above $52.5 billion as of Friday, 17 July 2026, representing a 17-year high and exceeding the Central Bank of Nigeria’s annual target, even as the apex bank reaffirmed its commitment to sustaining monetary and financial system stability.
The disclosure was contained in a statement issued by the CBN on Thursday, 6 August, 2026 following a one-day stakeholders’ fair held in Bauchi to promote financial inclusion, improve public awareness of the bank’s operations and obtain feedback on its policies and services.
The bank attributed the surge in reserves to sustained foreign exchange inflows, renewed investor confidence and stronger participation across different asset classes, describing the development as a reflection of ongoing economic reforms restoring stability to the financial system.
Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, represented by the CBN Branch Controller in Bauchi, Michael Dalyop, said the reforms introduced under the current leadership were beginning to yield measurable results.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
Sidi-Ali also highlighted the moderation in inflation, noting that headline inflation declined from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also eased, a trend she attributed to disciplined monetary tightening, exchange rate unification and improved market transparency.
She said the naira had continued to strengthen, with the gap between the official foreign exchange rate and Bureau De Change rates narrowing to below two per cent, which she described as evidence of increasing stability in the foreign exchange market.
According to her, the apex bank had implemented several reforms over the past 34 months to lay the foundation for sustainable economic growth, job creation and poverty reduction.
Among the reforms highlighted were the unification and increased transparency of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
She said the bank had also introduced a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, a measure designed to improve liquidity management and reduce inflationary pressures, and had collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent, market-based benchmark for short-term funding transactions in line with international best practices.
Speaking on the theme of the stakeholders’ fair, Sidi-Ali said the initiative was intended to promote alternative payment channels, deepen financial inclusion and strengthen engagement between the CBN and the public.
“The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives,” she said, encouraging participants to engage officials on issues relating to financial consumer protection, payment system innovations, microfinance, monetary policy and currency management.
The apex bank also reiterated its warning against the abuse and misuse of the naira, urging Nigerians to obtain information on its policies only through verified official platforms.
“I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira,” Sidi-Ali said, describing the national currency as an indispensable national symbol and a source of collective pride.
Earlier, Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s Strategy 2024-2028 was designed to deliver monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development, adding that the strategy sought to empower individuals, small businesses and larger enterprises by expanding access to financial services and creating opportunities for productive economic activities.
According to him, reforms in the foreign exchange market had unified exchange rates, improved transparency and strengthened investor confidence, while the country’s foreign reserves had exceeded $50 billion.
He added that inflation was on a downward path and that the successful recapitalisation of the banking sector had strengthened financial institutions to better support businesses and economic growth.
Dalyop explained that the stakeholders’ fair brought together consumers, financial institutions, regulators, government agencies and security organisations to increase awareness of alternative payment channels and other opportunities within Nigeria’s financial system, urging participants to engage officials of the CBN and other financial institutions to gain a better understanding of available financial products and services.
He also advised Nigerians against keeping large amounts of cash at home, encouraging them to deposit their money in banks to benefit from formal financial services, while reiterating the need to treat the naira with dignity and respect.
