CBN RECORDS OVER $52.5BN FOREIGN RESERVES

The CBN said the reserves stood above the $52.5 billion mark as of July 17, 2026, surpassing the apex bank’s annual target. The increase was supported by sustained foreign exchange inflows and renewed investor confidence in the Nigerian economy.

The development comes as the naira continues to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.

The Acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, disclosed the figures during a CBN fair in Lafia, Nasarawa State.

She said the increase in reserves reflected the impact of reforms introduced by CBN Governor Olayemi Cardoso over the past 34 months.

Sidi-Ali highlighted the unification and increased transparency of the foreign exchange market as one of the key reforms, alongside the recapitalisation of the banking sector.

She said the banking reforms had strengthened the resilience, capacity, and competitiveness of Nigerian banks.

The CBN said improved reserves would strengthen Nigeria’s external position and provide greater confidence in the country’s ability to meet foreign exchange obligations.

The development is also expected to support stability in the foreign exchange market and improve investor sentiment.

The apex bank maintained that its ongoing reforms are aimed at strengthening monetary stability, supporting economic growth, and creating a stronger foundation for investment and job creation.