Nigeria’s Foreign Reserves Climb To $52.5bn, Highest In 17 Years

Nigeria’s external reserves have risen above $52.5bn, the highest level in 17 years, with the Central Bank of Nigeria (CBN) attributing the increase to renewed investor confidence, sustained foreign exchange inflows and the impact of ongoing economic reforms.

The apex bank disclosed on Tuesday that the country’s foreign reserves exceeded its annual target, reaching more than $52.5bn as of July 17, 2026.

Speaking at the CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, who represented the Governor of the CBN, Mr Olayemi Cardoso, said the steady growth in reserves reflected improving confidence in Nigeria’s economic management.

According to her, the increase was driven by sustained capital inflows and renewed investor participation across different asset classes, following reforms introduced by the apex bank.

She said the reforms were beginning to deliver measurable gains, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market.

Sidi Ali noted that headline inflation moderated slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also declined on the back of disciplined monetary tightening, exchange-rate unification and improved market transparency.

She added that the naira had 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 evidence of improving stability in the foreign exchange market.

The CBN spokesperson highlighted other reforms implemented over the past 34 months, including the ongoing banking sector recapitalisation, the introduction 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 benchmark.

She reaffirmed the apex bank’s commitment to maintaining monetary and price stability while pursuing policies aimed at attracting investment, strengthening financial markets and supporting sustainable economic growth.

Earlier, the Branch Controller of the CBN, Gombe Branch, Mr Yunusa Buba Mubi, said the CBN Fair serves as an annual public engagement platform to educate Nigerians on the Bank’s policies and provide stakeholders with opportunities to seek clarification and offer feedback on its initiatives.