Nigeria’s foreign reserves have risen above $52.5 billion, surpassing the Central Bank of Nigeria’s annual target and reaching their highest level in 17 years, the apex bank has announced.

‎The Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs. Hakama Sidi Ali, disclosed this while delivering the opening remarks of the CBN Governor, Mr. Olayemi Cardoso, at the CBN Fair held at the International Conference Centre in Gombe. She attributed the growth in the reserves to renewed investor confidence, sustained capital inflows and the impact of ongoing economic reforms.

‎According to her, the country’s external reserves stood at more than $52.5 billion as of July 17, 2026, driven by increased foreign exchange inflows and renewed investor participation across various asset classes. She said the development reflects growing confidence in Nigeria’s economic management and the stability of its financial system.

Sidi Ali said reforms introduced under Governor Cardoso’s leadership are yielding measurable results, including improved macroeconomic stability, easing inflation and increased confidence in the foreign exchange market. She noted that headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated during the period.

She added 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. According to her, the trend reflects improved transparency and stability in the foreign exchange market following exchange-rate reforms and disciplined monetary tightening.

‎The CBN spokesperson also highlighted key reforms implemented over the past 34 months, including the banking sector recapitalisation programme, the launch of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark. She reaffirmed the bank’s commitment to maintaining monetary and price stability while promoting investment and sustainable economic growth.

Earlier, the Branch Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement platform aimed at educating Nigerians on the bank’s policies and providing stakeholders with an opportunity to ask questions and offer feedback. He urged participants to actively engage in the sessions to deepen public understanding of the CBN’s initiatives and their impact on the economy.