Nigeria’s forex reserves surge to $52.5bn, highest in 17 years – CBN

Nigeria’s foreign exchange reserves have climbed above $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) has announced.

The apex bank also disclosed that headline inflation moderated from 15.91 per cent in June to 15.43 per cent in July 2026, with both food and core inflation recording declines during the period.

Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, made this known on Thursday in Lokoja, Kogi State, during the CBN Fair.

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Sidi Ali attributed the improvement in the country’s external reserves and other economic indicators to sustained monetary policy tightening, increased transparency in the foreign exchange market, and growing investor confidence.

She said the foreign reserves had exceeded the CBN’s annual target, driven by sustained inflows and renewed participation by investors across different asset classes.

According to her, the naira has also recorded gains, with the gap between rates in the official foreign exchange market and Bureau de Change segment narrowing by two per cent.

She noted that the developments suggested that reforms introduced under CBN Governor Olayemi Cardoso were beginning to produce positive outcomes.

Sidi Ali said the reforms were designed to restore monetary and price stability while creating the foundation for inclusive economic growth and employment generation.

She identified several key initiatives of the apex bank, including the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number (BVN), the B-Match platform for foreign exchange trading and the Nigeria…