The Central Bank of Nigeria says renewed investor confidence is behind the jump in foreign reserves to above $52.5 billion, the highest level in 17 years and a figure that exceeds the Bank’s target for the year.
Speaking on Tuesday at the CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, delivered the remarks on behalf of Governor Olayemi Cardoso. She said the growth reflects “sustained foreign exchange inflows and increased investor participation across different asset classes” that are strengthening Nigeria’s external position.
According to Sidi Ali, the improvement shows growing trust in Nigeria’s economic management and the direction of monetary policy. She added that the gap between the official exchange rate and the Bureau de Change market has narrowed to less than two per cent, a sign that confidence is gradually returning to the FX market.
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The CBN also reported progress on inflation. Headline inflation eased slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation declined during the period. The Bank attributed the moderation to disciplined monetary tightening, FX market unification and improved transparency in exchange rate management.
Sidi Ali outlined reforms introduced under Governor Cardoso over the past 34 months to support stability and growth. These include ongoing bank recapitalisation, the launch of the Non-Resident BVN, the B-Match FX trading platform, the Nigeria Payments System Vision 2028, and the Nigerian Overnight Financing Rate as a new benchmark for short-term rates.
She said the CBN remains committed to maintaining monetary and price stability while creating an environment that supports businesses, investors and sustainable national development.
