Nigeria’s foreign exchange reserves have risen above $52.5 billion, reaching a 17-year high as of July 17, 2026, amid continued naira appreciation and increased investor confidence in the economy.
Acting Director of Corporate Communications and Investor Relations at the Central Bank of Nigeria (CBN), Hakama Sidi-Ali, disclosed this on Tuesday in Lafia, Nasarawa State, during a financial fair organised by the apex bank.
Sidi-Ali said the foreign reserves had exceeded the CBN’s annual target, with sustained inflows and renewed participation by investors across various asset classes contributing to the increase.
She also noted that the gap between the official foreign exchange rate and the bureau de change rate has narrowed to below two percent, describing the development as evidence of improved stability in the foreign exchange market.
According to her, the development was part of the broader impact of reforms implemented by the CBN under Governor Olayemi Cardoso over the past 34 months.
She said the reforms were aimed at laying a stronger foundation for Nigeria’s next phase of economic development, while promoting inclusive growth and job creation.
Among the measures highlighted by Sidi-Ali were the unification and increased transparency of the foreign exchange market, as well as the recapitalisation of the banking sector.
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She said the banking sector reforms had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other initiatives, she noted, included the introduction of the non-resident Bank Verification Number (BVN), the B-MATCH system for foreign exchange trading, the Nigeria Payments System Vision 2028 and the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits.
According to Sidi-Ali, the measures were designed to improve liquidity management and reduce inflationary risks.
She also cited recent inflation data, saying headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026, while core and food inflation also eased during the period.
She attributed the improvement to disciplined monetary policy, greater exchange-rate transparency and improved market conditions.
Speaking on the theme of the financial fair: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Sidi-Ali said the event is designed to deepen public understanding of the CBN’s policies and initiatives.
She explained that alternative payment channels remained important to achieving financial inclusion, monetary stability and sustainable economic growth.
The CBN official also urged Nigerians to treat the naira with respect, warning that spraying, hawking, mutilating and counterfeiting the currency were prohibited.
She described the naira as an important national symbol and urged members of the public to protect its integrity.
Sidi-Ali maintained that the CBN remained committed to monetary and price stability, adding that the growth in foreign reserves, improved foreign exchange stability and moderation in inflation showed that some of the bank’s reforms were beginning to produce positive results.
Also speaking, the CBN Branch Controller in Lafia, Njideka Nwabukwu, said the financial fair was aimed at educating members of the public about the bank’s policies while providing an avenue for feedback on its services and programmes.
Nwabukwu said the theme of the event reflected the CBN’s efforts to use technology and innovation to bring more Nigerians into the formal financial system.
She highlighted the expansion of agent banking and Point-of-Sale networks, as well as the promotion of mobile money, QR payments, internet banking and instant payment platforms, as some of the initiatives contributing to greater financial inclusion.
According to her, the initiatives had expanded access to financial services for millions of Nigerians.
Nwabukwu urged entrepreneurs and traders to embrace digital payment solutions, while encouraging young Nigerians to use technology responsibly to create economic opportunities.
She also called on financial institutions and payment service providers to continue developing innovative solutions while maintaining strong standards of customer protection and service delivery.
She said increased adoption of alternative payment channels would help reduce dependence on cash, improve transaction efficiency, expand economic opportunities and contribute to the growth of Nigeria’s economy.
