The Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.
The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.
CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on Tuesday.
According to the statement, “The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.”
Cardoso said the milestone reflected sustained capital inflows, renewed
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