CBN Governor Cardoso Credits Reforms for Economic Stability

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), stated that the monetary and foreign exchange reforms implemented by the bank have significantly restored investor confidence and attracted capital inflows, strengthening the country’s external reserves.

Speaking at the CBN Fair in Gombe, represented by Mrs. Hakama Sidi Ali, CBN acting Director of Corporate Communications and Investor Relations, Cardoso noted that external reserves surpassed the annual target, reaching over $52.5 billion as of July 17, 2026, the highest level in 17 years.

The CBN attributed this growth to increased foreign investor participation and improved transparency in the foreign exchange market. Cardoso reported a slight decrease in headline inflation from 15.93% in May to 15.91% in June 2026, with food and core inflation also moderating.

He emphasized the Naira's strengthening, with the gap between official and Bureau de Change rates narrowing to below 2%. The governor outlined several reforms over the past 34 months aimed at enhancing monetary stability and supporting economic growth.