NIGERIA’s foreign reserves rose above $52.5 billion as of July 17, 2026, reaching a 17-year high and surpassing the Central Bank of Nigeria’s annual target, as the naira continued to strengthen and the gap between the official and Bureau de Change rates narrowed to below two per cent.
News Point Nigeria reports that the milestone was supported by sustained inflows and renewed investor confidence and participation across various asset classes in Nigeria, reflecting what the Central Bank of Nigeria described as the positive impact of its ongoing reforms.
The Acting Director of the Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, disclosed this on Tuesday in Lafia, the Nasarawa State capital, during a fair organised by the apex bank, which attracted participants from various sectors across the state.
Sidi-Ali said that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had led a series of bold reforms aimed at laying the much-needed foundation for Nigeria’s next phase of economic development, promoting inclusive growth and creating jobs to help alleviate poverty.
She listed some of the key reforms to include the unification and greater transparency of the foreign exchange market, as well as the successful recapitalisation of the banking sector, which she said had fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.
Other reforms, according to her, include the launch of the non-resident Bank Verification Number to connect Nigerians in the diaspora with local banking services, the introduction of the B-MATCH System for foreign exchange trading, the unveiling of the Nigeria Payments System Vision 2028 and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and curb inflationary risks.
“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91 per cent in June to 15.43 per cent in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she explained.
Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Sidi-Ali said it was carefully selected to highlight the connections that drive critical activities towards achieving monetary, price and financial system stability, which are at the heart of the apex bank’s mandate.
According to her, the fair was one of the CBN’s strategic platforms for engaging the public on its policies and initiatives, with the objective of promoting sustainable economic growth and development across the country.
She also urged participants to maintain the cleanliness and dignity of the naira, stressing that spraying, hawking, mutilating or counterfeiting the currency remained prohibited.
Sidi-Ali described the naira as an indispensable national emblem and a source of collective pride.
“Under the leadership of Mr Olayemi Cardoso, the Bank’s management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended.
“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.
Also speaking, the Branch Controller of the CBN in Lafia, Njideka Nwabukwu, said one of the major objectives of the fair was to enlighten members of the public about the various initiatives of the Central Bank of Nigeria while also providing a platform for valuable feedback that could help the bank improve its service delivery and policy implementation.
She said the theme of the fair could not have been more appropriate, as it underscored the CBN’s commitment to leveraging innovation and technology to bring more Nigerians into the formal financial system while stimulating sustainable economic growth.
Nwabukwu said the bank had recorded notable milestones in deepening financial inclusion through alternative payment channels, including the expansion of agent banking and Point-of-Sale networks across the country, as well as the promotion of mobile money, QR payments, internet banking and instant payment platforms.
According to her, the initiatives had significantly improved access to financial services for millions of Nigerians.
“Today, I therefore urge every participant here to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions.
“I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery.
“Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.
Participants at the CBN fair, including members of the National Youth Service Corps, students and other residents of Nasarawa State, pledged to embrace digital banking and other alternative payment channels to reduce the stress associated with regular visits to banks and make transactions easier and faster.