By Progress Godfrey

Nigeria’s foreign reserves have surpassed the Central Bank of Nigeria’s (CBN) annual target, rising above $52.5 billion as of July 17, 2026, the highest level recorded in 17 years.

The apex bank disclosed this on Tuesday, attributing the increase to renewed investor confidence and sustained capital inflows into the economy.

Speaking at a CBN Fair in Gombe, the Acting Director of Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, who delivered the opening remarks of the CBN Governor, Mr Olayemi Cardoso, said the growth reflected improved foreign exchange inflows and increased participation by investors across various asset classes.

She said the development showed growing confidence in Nigeria’s economic management and ongoing reform efforts.

According to Sidi Ali, the reforms introduced under Cardoso’s leadership were yielding measurable results, including improved macroeconomic stability, easing inflation and increased confidence in the foreign exchange market.

She said headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated during the period, supported by monetary policy measures, exchange rate unification and improved market transparency.

The CBN spokesperson further stated that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the development as an indication of improved stability in the foreign exchange market.

She also highlighted other reforms implemented by the apex bank in the last 34 months, including banking sector recapitalisation, the launch of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.

Reaffirming the bank’s commitment, Sidi Ali said the CBN would continue to prioritise monetary and price stability while implementing policies aimed at attracting investment, strengthening financial markets and supporting sustainable economic growth.

Earlier, the Branch Controller of the CBN Gombe Branch, 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 stakeholders with opportunities to seek clarification and offer feedback.

He urged participants to actively engage in the sensitisation sessions to deepen understanding of the CBN’s initiatives and their impact on the economy.