Naira gains as foreign reserves hit $52.5bn, 17-year high
By Aboki Forex —
Nigeria's foreign reserves stayed above $52.5bn as of July 17, 2026, a 17-year high that surpasses the Central Bank of Nigeria's yearly target. The naira is also strengthening, with the spread between official and Bureau de Change rates now below two per cent.
The CBN gave this update on Tuesday at a fair in Lafia, the Nasarawa State capital. Hakama Sidi-Ali, acting Director of Corporate Communications and Investor Relations at the CBN, said the feat was supported by sustained inflows and renewed investor confidence across asset classes in Nigeria.
Reforms under Cardoso
Sidi-Ali said that over the past 34 months, CBN Governor Olayemi Cardoso had led bold reforms to establish the foundation for Nigeria's next economic phase, promoting inclusive growth and job creation to alleviate poverty.
She listed the reforms to include unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation; the launch of the non-resident BVN; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028; and a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks.
Inflation eases
According to Sidi-Ali, the latest data from the National Bureau of Statistics show that headline inflation fell from 15.91 per cent in June to 15.43 per cent in July 2026. Core and food inflation also eased over the same period.
She attributed the decline to disciplined monetary tightening, exchange-rate unification, and improved market transparency.
Speaking on the fair theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, Sidi-Ali said it was chosen to highlight connections that drive critical activities for monetary, price and financial system stability.
She urged participants to uphold the cleanliness and respect of the naira, emphasising that it is prohibited to spray, hawk, mutilate or counterfeit the naira.
“Under the leadership of Mr Olayemi Cardoso, the bank's management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended. These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.
Financial inclusion push
The Branch Controller, CBN Lafia, Njideka Nwabukwu, said one key objective of the fair is to enlighten the public about CBN initiatives and provide feedback to improve service delivery and policy implementation.
Nwabukwu said the bank has recorded notable milestones in deepening financial inclusion through alternative payment channels, from expanding agent banking and Point-of-Sale networks nationwide to promoting mobile money, QR payments, internet banking and instant payment platforms.
“Today, I therefore urge every participant to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions. I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery. Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.
Participants at the fair, including National Youth Service Corps members, students and residents of Nasarawa State, pledged to embrace digital banking and other alternative payment channels to reduce the stress of regular bank visits and make transactions easier and faster.
For the naira, the combination of rising reserves and falling inflation points to continued exchange-rate stability in the near term. For Nigerian businesses, lower inflation and narrower parallel market spreads could mean steadier pricing and more predictable input costs.