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.

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 economic growth.