Nigeria’s foreign exchange reserves have risen above $52.5 billion as of July 17, 2026, reaching a 17-year high as the naira continues to strengthen and the gap between official and Bureau de Change exchange rates narrows to below two per cent.
The development was disclosed by the acting Director of Corporate Communications and Investor Relations Department at the Central Bank of Nigeria, Hakama Sidi-Ali, on Tuesday in Lafia, Nasarawa State.
Sidi-Ali spoke at a financial fair organised by the CBN, which brought together participants from different sectors of the state.
She attributed the growth in reserves to sustained inflows and renewed investor confidence and participation across various asset classes in Nigeria.
According to her, the reserve position has surpassed the CBN’s yearly target, reflecting the impact of recent monetary and foreign exchange reforms.
Sidi-Ali said that over the past 34 months, CBN Governor Olayemi Cardoso had led reforms aimed at establishing a stronger foundation for Nigeria’s next phase of economic growth, with a focus on inclusive growth and job creation.
She identified the unification and increased transparency of the foreign exchange market as one of the major reforms implemented by the apex bank.
She also highlighted the successful recapitalisation of the banking sector, which she said had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other initiatives include the introduction of the non-resident Bank Verification Number to connect Nigerians living abroad with local banking services, the B-Match System for foreign exchange trading and the Nigeria Payments System Vision 2028.
The CBN has also introduced 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 risks.
Sidi-Ali said recent inflation data showed further moderation in price pressures.
“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91% in June to 15.43% in July 2026,” she said.
She added that core and food inflation also eased during the period, attributing the development to disciplined monetary tightening, exchange-rate unification and improved market transparency.
Speaking on the theme of the financial fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Sidi-Ali said the topic reflected the connection between financial inclusion, payment systems, economic growth and monetary and financial stability.
She explained that the CBN uses its financial fairs as platforms to engage members of the public on its policies and initiatives while receiving feedback from stakeholders.
Sidi-Ali also urged Nigerians to treat the naira with respect and maintain its cleanliness.
She warned against spraying, hawking, mutilating or counterfeiting the currency, describing the naira as an important national symbol and a source of collective pride.
She said the CBN under Cardoso remained committed to maintaining monetary and price stability and carrying out its statutory responsibilities under the CBN Act 2007, as amended.
According to her, the effects of the reforms are already becoming evident through the moderation in inflation, growth in foreign reserves and increased stability in the foreign exchange market.
The Branch Controller, CBN Lafia, Njideka Nwabukwu, said another major objective of the fair was to educate the public about the apex bank’s initiatives while providing an avenue for feedback that could improve service delivery and policy implementation.
Nwabukwu said the theme of the event highlighted the CBN’s efforts to use technology and innovation to expand access to formal financial services and promote sustainable economic growth.
She noted that the bank had recorded significant progress in deepening financial inclusion through alternative payment channels, including agent banking, Point-of-Sale networks, mobile money, QR payments, internet banking and instant payment platforms.
According to her, these initiatives have expanded access to financial services for millions of Nigerians and reduced some of the barriers associated with traditional banking.
Nwabukwu urged entrepreneurs and traders to adopt digital payment solutions, while encouraging young Nigerians to use technology responsibly to create economic opportunities.
She also called on financial institutions and payment service providers to continue innovating while maintaining strong standards for customer protection and service delivery.
Participants at the CBN fair, including National Youth Service Corps members, students and other residents of Nasarawa State, pledged to embrace digital banking and alternative payment channels.
They said greater adoption of digital payments would reduce the need for frequent visits to banks while making financial transactions faster and more convenient.
The latest reserve growth and narrowing exchange-rate gap come as the CBN continues to implement reforms aimed at strengthening the naira, improving market confidence and supporting broader financial and economic stability.
