Nigeria’s foreign exchange reserves have climbed above $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has announced.
The apex bank also disclosed that headline inflation moderated from 15.91 per cent in June to 15.43 per cent in July 2026, with both food and core inflation recording declines during the period.
Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, made this known on Thursday in Lokoja, Kogi State, during the CBN Fair.
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Sidi Ali attributed the improvement in the country’s external reserves and other economic indicators to sustained monetary policy tightening, increased transparency in the foreign exchange market, and growing investor confidence.
She said the foreign reserves had exceeded the CBN’s annual target, driven by sustained inflows and renewed participation by investors across different asset classes.
According to her, the naira has also recorded gains, with the gap between rates in the official foreign exchange market and Bureau de Change segment narrowing by two per cent.
She noted that the developments suggested that reforms introduced under CBN Governor Olayemi Cardoso were beginning to produce positive outcomes.
Sidi Ali said the reforms were designed to restore monetary and price stability while creating the foundation for inclusive economic growth and employment generation.
She identified several key initiatives of the apex bank, including the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number (BVN), the B-Match platform for foreign exchange trading and the Nigeria Payments System Vision 2028.
She also cited the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures to strengthen liquidity management and reduce inflationary pressures.
The CBN official spoke at the event themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
She said the fair was organised to improve public understanding of CBN policies and initiatives, while providing an opportunity for Nigerians to raise concerns and make suggestions on how financial services could better support their livelihoods.
Sidi Ali urged Nigerians to embrace alternative payment channels, stressing that efficient payment systems were essential to expanding financial inclusion and driving economic development.
She also warned against spraying, hawking, mutilating or counterfeiting the naira, urging members of the public to obtain information about CBN policies only from the bank’s official and verified platforms.
Earlier, the CBN Controller, Lokoja Branch, Mr. Zubairu Abdulrahman Salihu, said Kogi State had recorded a 94 per cent banking penetration rate, making it the state with the highest level of access to banking services in Nigeria.
Salihu, who was represented at the event by Mr. Friday Abbah, said the figure was contained in the 2023 Access to Financial Services Survey conducted by Enhancing Financial Innovation & Access (EFInA).
He said Kogi’s high level of banking penetration placed the state in a strong position to benefit from the country’s expanding digital financial ecosystem.
He stressed the need for greater adoption of alternative payment channels, particularly among farmers, traders, small businesses and operators in the informal sector.
According to him, increased use of digital payment platforms would expand access to financial services, encourage participation in the formal economy and promote inclusive economic growth.
Salihu encouraged entrepreneurs, farmers, artisans, students and business owners in Kogi to take advantage of available digital financial services to expand their economic activities.
He added that the CBN remained committed to developing a safe, efficient, inclusive and resilient payment ecosystem through collaboration with financial institutions, fintech companies, government agencies and other stakeholders.
The fair featured discussions on Nigeria’s payment system, microfinance, foreign exchange operations, monetary policy, financial consumer protection and the proper use and protection of the naira.