By Progress Godfrey

Nigeria’s foreign reserves have exceeded the Central Bank of Nigeria’s (CBN) annual target, rising above $52.5 billion as of July 17, 2026, the highest level recorded in 17 years.

The CBN stated this on Tuesday, emphasising that the growth was driven by renewed investor confidence and sustained capital inflows.

Speaking at a CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, who delivered the opening remarks of the CBN Governor, Mr Olayemi Cardoso, attributed the increase to stronger foreign exchange inflows and renewed investor participation across different asset classes, saying the trend reflects growing confidence in the country’s economic management and ongoing reforms.

She said the reforms are restoring stability to Nigeria’s financial system. She explained that the reforms introduced under the leadership of the CBN Governor are producing measurable gains, including improved macroeconomic stability, easing inflation and increased confidence in the foreign exchange market.

According to her, headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period, supported by disciplined monetary tightening, exchange rate unification and improved market transparency.

She further stated that 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, describing the development as a sign of improving stability in the foreign exchange market.

She also highlighted other reforms implemented by the apex bank over the past 34 months, including banking sector recapitalisation, the launch of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.

Reaffirming the bank’s commitment, Sidi Ali said the CBN would continue to pursue monetary and price stability while implementing policies that encourage investment, strengthen financial markets and support sustainable economic growth.

Earlier, the Branch Controller of the CBN Gombe Branch, Mr Yunusa Buba Mubi, described the CBN Fair as an annual engagement platform aimed at educating the public on the bank’s policies while providing stakeholders with the opportunity to ask questions and offer feedback.

He urged participants to take an active part in the sensitisation sessions to deepen public understanding of the CBN’s initiatives and their impact on Nigeria’s economy.