Nigeria’s external reserves climb to 17-year peak at $52.5bn as CBN highlights reform gains
Nigeria’s external reserves have risen to $52.5 billion, the highest level recorded in 17 years, surpassing the Central Bank of Nigeria‘s annual benchmark and signalling growing confidence in the country’s economic outlook.
The milestone was announced on Tuesday during the CBN Fair in Gombe by the Central Bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, who represented the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
According to Sidi Ali, the reserve position, recorded as of July 17, 2026, reflects increasing investor confidence and stronger foreign exchange inflows driven by the bank’s ongoing economic and financial sector reforms.
She noted that the CBN’s policy measures have begun to produce tangible outcomes, including improved macroeconomic conditions, a more stable foreign exchange market and easing inflationary pressures.
Providing an update on inflation, she said headline inflation edged down from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also declined during the period. She attributed the moderation to sustained monetary tightening, exchange-rate reforms and greater transparency in the foreign exchange market.
Sidi Ali added that the naira has continued to show resilience, with the spread between the official foreign exchange market and Bureau de Change rates narrowing to less than two per cent, an indication of improving stability in the country’s currency market.
Reviewing the major reforms introduced by the apex bank over the past 34 months, she highlighted the banking sector recapitalisation programme, 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 Nigerian Overnight Financing Rate (NOFR) benchmark.
She reiterated the Central Bank’s commitment to safeguarding monetary and price stability through policies designed to attract investment, strengthen the financial system and support long-term economic growth.
Also speaking at the event, the Branch Controller of the CBN in Gombe, Yunusa Buba Mubi, described the CBN Fair as an annual stakeholder engagement platform aimed at enhancing public understanding of the bank’s policies and initiatives while providing an avenue for feedback, questions and clarification.
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