The Central Bank of Nigeria (CBN) pointed to improving foreign exchange stability, rising external reserves and easing inflation as evidence that its monetary reforms are gaining traction.
Nigeria’s external reserves rose to more than $52.5 billion as of July 17, 2026, the highest level in 17 years and above the apex bank’s annual target.
CBN Governor, Olayemi Cardoso, said the stronger reserve position, relative stability in the foreign exchange market and a gradual moderation in inflation reflect the impact of reforms introduced over the past 34 months to restore macroeconomic stability.
Cardoso, who was represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, spoke at the CBN Fair held at the International Conference Centre in Gombe State, themed, ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.’
The CBN boss recalled that headline inflation eased marginally to 15.91 per cent in June from 15.93 per cent in May, while both food and core inflation also moderated over the period.
He attributed the trend to disciplined monetary tightening, exchange rate unification and improved transparency in the foreign exchange market.
