Six months into 2026, there is enough evidence to assess not merely what the Central Bank of Nigeria has done but also what its policies have achieved. The first half was less about introducing headline reforms than consolidating the monetary and foreign-exchange reset begun in 2023. Although high borrowing costs and the need for more productive investment remain concerns, the CBN’s defining achievement has been sustaining confidence in Nigeria’s macroeconomic management. That confidence is visible in capital flows, financial-market performance, international assessments, stronger reserves and banking-sector resilience.
Perhaps the clearest evidence is the return of capital. National Bureau of Statistics data show that capital importation rose to $10.37 billion in the first quarter of 2026, up 61 percent from $6.44 billion in the preceding quarter. Portfolio investment accounted for $9.86 billion, or more than 95 percent of the total. While portfolio flows can reverse more quickly than foreign direct investment,
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