CBN Reports Economic Growth and Strong Reserves in 2026
As of September 18, Nigeria's gross external reserves reached $55.25 billion, marking the highest level in 18 years and covering approximately 11.3 months of imports. The Central Bank of Nigeria (CBN) indicated that despite these improvements, a challenging global environment could still pose risks.
During the Monetary Policy Committee's meeting on September 21-22, the CBN reset the Monetary Policy Rate to 23% from 26.5%. The current-account surplus increased from $4.49 billion in Q1 to $7.54 billion in Q2, a 67.92% rise, while the overall balance-of-payments surplus grew from $2.38 billion to $3.51 billion.
The CBN noted that the enhancement of external buffers and reduced foreign-exchange pressures have contributed to macroeconomic stability. Real GDP growth accelerated to 4.43% in Q2, up from 3.89% in Q1, with oil-sector growth rising to 7.31% and non-oil economy growth at 4.31%.
The Purchasing Managers' Index for August also increased to 52.7 points, indicating ongoing business activity expansion.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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