The Central Bank of Nigeria (CBN) has reaffirmed its commitment to controlling inflation and protecting the country’s financial system, saying recent economic reforms are improving macroeconomic stability and boosting investor confidence.
The apex bank gave the assurance on Thursday during a one-day stakeholders’ fair in Bauchi aimed at promoting financial inclusion, increasing public awareness of its operations and gathering feedback on its policies and services.
Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, represented by the CBN Branch Controller in Bauchi, Michael Dalyop, said the bank remained focused on achieving sustainable economic growth through sound monetary policies.
She described the stakeholders’ fair as an important platform for improving financial literacy, expanding access to alternative payment channels and strengthening engagement between the CBN and the public.
Sidi-Ali disclosed that Nigeria’s external reserves rose above $52.5bn as of July 17, 2026, representing a 17-year high and exceeding the bank’s annual target.
She attributed the increase to sustained foreign exchange inflows, renewed investor confidence and stronger participation across different asset classes.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
The CBN spokesperson said headline inflation reduced slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated.
She linked the trend to disciplined monetary tightening, exchange rate unification and improved transparency in the foreign exchange market.
According to her, the naira has continued to strengthen, with the difference between the official exchange rate and Bureau de Change rates narrowing to below two per cent, indicating improved stability in the foreign exchange market.
Sidi-Ali said the CBN had introduced several reforms over the past 34 months to create a foundation for sustainable economic growth, job creation and poverty reduction.
She listed some of the reforms to include the unification and increased transparency of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
She also highlighted the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of efforts to improve liquidity management and reduce inflationary pressures.
The CBN official further disclosed that the bank, in collaboration with the Financial Markets Dealers Association, introduced the Nigerian Overnight Financing Rate as a transparent market-based benchmark for short-term funding transactions.
She said the stakeholders’ fair was designed to deepen financial inclusion, encourage the use of alternative payment channels and improve public understanding of the bank’s policies.
“The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” she said.
Sidi-Ali encouraged participants to engage with CBN officials on issues relating to financial consumer protection, payment system innovations, microfinance, monetary policy and currency management.
The apex bank also renewed its warning against the abuse and misuse of the naira, urging Nigerians to rely on verified official platforms for information on its policies.
She advised citizens to avoid spraying, hawking, mutilating or counterfeiting the currency, describing the naira as an important national symbol.
Earlier, the CBN Branch Controller in Bauchi, represented by Assistant Director Salahu Bello Mohammed, said the bank’s Strategy 2024–2028 was designed to promote monetary, price and financial system stability as a driver of inclusive economic growth.
He said foreign exchange reforms had improved transparency, unified exchange rates, strengthened investor confidence and contributed to the rise in external reserves above $50bn.
Dalyop added that inflation was gradually declining, while the successful recapitalisation of the banking sector had strengthened financial institutions to better support businesses and economic development.
He said the stakeholders’ fair brought together consumers, financial institutions, regulators, government agencies and security organisations to promote awareness of financial services and opportunities within Nigeria’s financial system.
He urged Nigerians to engage with financial institutions, respect the naira and deposit idle cash in banks to benefit from formal financial services.
