Forex

Foreign reserves near $53bn as CBN reforms gain traction

The Punch August 4, 2026

Nigeria's Foreign Reserves Near $53bn as CBN Reforms Gain Tr ▼ × Advertise with us Thursday, August 06, 2026

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reforms gain traction August 5, 2026 12:52 am File: CBN HQ Chima Azubuike and Princess Etuk Kindly share this story: The

Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and

moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results. The apex bank

disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target

and reaching their highest level in 17 years. CBN Governor Olayemi Cardoso, represented by the Acting Director of the

Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair

held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on

Tuesday. According to the statement, “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.” Cardoso

said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in

Nigeria’s economic management. “This is supported by sustained inflows and renewed investor confidence and

participation across asset classes in Nigeria,” he said. He noted that headline inflation declined marginally from

15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.

According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and

improved market transparency.” Cardoso added that the naira had recorded greater stability, with the gap between the

official exchange rate and Bureau de Change rates narrowing to below two per cent. He said, “The naira continues to

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

governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable

economic growth, job creation and poverty reduction. Related News Lekki Port recommits to top security standards Dangote

cuts petrol, diesel prices as crude plunges Coronation opens N20bn infrastructure fund offer for investors He listed the

reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the

banking sector, the introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading

platform, the Nigeria Payments System Vision 2028, the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury

Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark. He said the reforms were

designed to strengthen liquidity management, improve transparency, deepen financial markets and align Nigeria’s money

market infrastructure with international best practices. Speaking on the theme of the fair, “Driving Alternative

Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN

remained committed to promoting alternative payment channels to deepen financial inclusion and support economic

activities. He said the fair provided an opportunity for the apex bank to engage directly with citizens, businesses and

other stakeholders, explain its policies and obtain public feedback. “The fair is one of the Bank’s platforms

strategically designed to engage the public on the Bank’s policies and initiatives,” he said. He urged participants

to actively engage in the sessions by asking questions and seeking clarification on the bank’s policies and

programmes. The apex bank also reiterated its warning against the abuse and misuse of the naira. Sidi-Ali urged

Nigerians to obtain information on CBN policies only from the bank’s verified platforms and to respect the national

currency. She said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray,

hawk, mutilate, or counterfeit the naira.” Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi,

described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies and

provide stakeholders with opportunities to ask questions and offer feedback. He urged participants to pay attention to

the presentations and actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s

initiatives and their impact on the economy. The CBN said it would continue implementing policies aimed at maintaining

monetary and price stability, strengthening financial markets, rebuilding investor confidence and promoting sustainable

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