Naira Strengthens as Nigeria's Reserves Hit $52.5 Billion

As of July 17, 2026, Nigeria's foreign reserves surpassed $52.5 billion, marking a 17-year high and exceeding the Central Bank of Nigeria's (CBN) annual target. The strengthening of the naira is attributed to a narrowing spread between official and Bureau de Change rates, now below two percent.

Hakama Sidi-Ali, acting Director of Corporate Communications and Investor Relations at the CBN, announced these developments during a fair in Lafia, Nasarawa State. She credited the reforms initiated by CBN Governor Olayemi Cardoso over the past 34 months, which include the unification of the foreign exchange market, banking sector recapitalization, and the introduction of a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits.

These measures aim to enhance liquidity management and curb inflation. Recent data shows a slight decrease in headline inflation from 15.91% in June to 15.43% in July 2026, indicating the positive impact of these reforms.