CBN Reports Forex Stability and $52.5bn Reserves Growth

The Central Bank of Nigeria (CBN) announced that recent developments in the foreign exchange market, including stability and rising foreign reserves, signal positive results from ongoing monetary reforms. CBN Governor Olayemi Cardoso, represented by Acting Director Hakama Sidi-Ali, spoke at the CBN Fair on July 17, 2026, in Gombe.

Cardoso noted a slight decline in headline inflation from 15.93% in May to 15.91% in June 2026, attributing this to disciplined monetary tightening and improved market transparency. He reported that Nigeria's foreign reserves reached $52.5 billion, a 17-year high, and emphasized the narrowing gap between official and Bureau de Change rates to below 2%.

Over the past 34 months, the CBN has implemented reforms aimed at sustainable economic growth, including foreign exchange market unification and banking sector recapitalization. The fair aimed to enhance public understanding of the CBN's policies and promote alternative payment channels for financial inclusion.