The Central Bank of Nigeria (CBN) has reaffirmed its commitment to sustaining monetary and financial system stability, saying it will continue to implement policies aimed at curbing inflation, maintaining price stability and supporting long-term economic growth.
Key Highlights
- CBN reaffirms commitment to maintaining monetary and financial system stability through prudent monetary policies.
- The assurance was made during a stakeholders’ fair in Bauchi focused on financial inclusion, consumer protection and payment innovations.
- Nigeria’s external reserves surpassed $52.5 billion as of July 17, 2026—the highest level in 17 years.
- The CBN attributed the rise in reserves to stronger foreign exchange inflows, renewed investor confidence and ongoing economic reforms.
- Headline inflation declined slightly from 15.93% in May to 15.91% in June 2026, with food and core inflation also easing.
The assurance was given during a one-day stakeholders’ fair held in Bauchi on Thursday, where the apex bank engaged members of the public on financial inclusion, consumer protection, payment innovations and its ongoing reform agenda.
Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, said the CBN remained focused on delivering its statutory mandate through prudent monetary policies designed to strengthen macroeconomic stability.
Represented by the Bauchi Branch Controller of the CBN, Michael Dalyop, Sidi-Ali said reforms introduced under the current leadership were beginning to produce positive outcomes, including improved macroeconomic conditions, moderating inflation and growing confidence in the foreign exchange market.
She explained that the stakeholders’ fair formed part of the bank’s broader efforts to promote financial literacy, deepen financial inclusion and encourage wider adoption of secure and efficient digital payment channels.
According to the CBN, Nigeria’s external reserves exceeded $52.5 billion as of July 17, 2026—the highest level recorded in 17 years and above the bank’s annual target. The increase was attributed to stronger foreign exchange inflows, renewed investor confidence and broader participation across various investment assets.
The apex bank said the improvement in external reserves reflected the impact of ongoing economic reforms aimed at restoring confidence and stability in Nigeria’s financial system.
Sidi-Ali also highlighted recent improvements in inflation, noting that headline inflation eased from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also recorded slight declines.
She attributed the moderation to disciplined monetary tightening, foreign exchange market reforms and improved market transparency.
According to her, 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, indicating greater stability in the foreign exchange market.
She said the CBN had implemented several reforms over the past 34 months to establish a stronger foundation for 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 (NRBVN), deployment of the B-Match foreign exchange trading platform and implementation of the Nigeria Payments System Vision 2028.
The bank also pointed to the introduction of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account public sector deposits, describing the measure as part of efforts to improve liquidity management and reduce inflationary pressures.
In addition, the CBN said it collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate (NOFR) 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 designed to strengthen engagement between the CBN and the public while expanding awareness of financial services and alternative payment channels.
“The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives,” she said.
She encouraged participants to engage officials on issues relating to financial consumer protection, innovations in Nigeria’s payment system, microfinance, monetary policy and currency management.
The CBN also reiterated its warning against the abuse and misuse of the naira, urging Nigerians to obtain information about the bank’s policies only from verified official channels.
“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 our collective pride.”
Earlier, the Bauchi Branch Controller of the CBN, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s Strategy 2024–2028 is focused on achieving monetary, price and financial system stability as a foundation for inclusive growth and sustainable economic development.
He said the strategy seeks to expand access to financial services for individuals, small businesses and larger enterprises while creating opportunities for productive economic activities across the country.
According to him, foreign exchange market reforms have improved transparency, unified exchange rates and strengthened investor confidence, while the country’s external reserves have continued to rise above the $50 billion mark.
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Dalyop added that easing inflation and the successful recapitalisation of the banking sector had further strengthened financial institutions and positioned them to provide greater support for businesses and economic expansion.
He explained that the stakeholders’ fair brought together consumers, financial institutions, regulators, government agencies and security organisations to raise awareness of alternative payment channels and other opportunities within Nigeria’s financial system.
He urged participants to take advantage of the engagement by interacting with officials of the CBN and other financial institutions to gain a better understanding of available financial products and services.
Dalyop also advised Nigerians against keeping large sums of cash at home, encouraging them instead to utilise formal banking services while reiterating the importance of treating the naira with dignity and respect.
