BY COBHAM NSA – The Central Bank of Nigeria (CBN) says Nigeria’s gross external reserves crossed the $52.5 billion threshold as of July 17, 2026, representing a milestone mark of 17-year peak, and comfortably outperforming the yearly projections.
According to the apex bank, the dramatic foreign reserves boost stems from robust crude oil tax receipts, steady third-party capital inflows, and rebounding investor confidence across various local asset classes as well as the ongoing economic reforms that are restoring stability to Nigeria’s financial system.
Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs. Hakama Sidi Ali, who disclosed the figure while delivering the CBN Governor, Mr Yemi Cardoso’s opening remarks at the CBN Fair held on Tuesday at the International Conference Centre, Gombe, said the positive developments reflect growing confidence in the country’s economic management.
She stated that the reforms introduced under the Cardoso-led management team are beginning to produce measurable gains, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market.
According to her, headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period due to disciplined monetary tightening, exchange-rate unification and improved market transparency.
Mrs Sidi Ali further stated that Nigeria’s currency, the Naira is staging a powerful comeback with the gap between the official and parallel markets narrowing to a razor-thin two percent, signaling an end to the chaotic volatility of the past and evidence of improving foreign exchange market stability going forward.
Also explaining that this shrinking spread is definitive proof that CBN’s aggressive policies are finally taking hold, she said the momentum is backed by 34 months of intense institutional renewal which has seen the apex bank execute a high-stakes banking recapitalization campaign while launching structural pillars like the B-Match FX trading platform and the Nigerian Overnight Financing Rate benchmark.
The Acting Director of Corporate Communications said backed by forward-looking digital initiatives, including the non-resident Bank Verification Number (BVN), and the Nigeria Payments System Vision 2028, these reforms are successfully rewriting the rules of Nigeria’s financial ecosystem, adding that the CBN remains committed to maintaining monetary and price stability while implementing policies that encourage investment, strengthen financial markets and promote sustainable economic growth.
In his remarks earlier, the CBN Branch Controller in Gombe State, Mr Yunusa Buba Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the Bank’s policies and provide an avenue for stakeholders to ask questions and offer feedback.
Mubi, who challenged participants to become active catalysts for economic literacy, pressed for intense engagement in the sensitization sessions to frame a clearer public understanding of the apex Bank’s structural policies as a critical driver for national growth.
