By Oluwakemi Kindness
Nigeria’s foreign exchange reserves have climbed above $52.5 billion, reaching a 17-year high, the Central Bank of Nigeria (CBN) has said.
The apex bank said the reserves, as of July 17, 2026, had also exceeded its annual target.
The CBN attributed the increase to sustained foreign exchange inflows and renewed investor confidence in the Nigerian economy.
The Acting Director of Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, disclosed this while delivering the opening remarks of CBN Governor Olayemi Cardoso at the CBN Fair in Gombe on Tuesday.
She said increased foreign exchange inflows and renewed investor participation across various asset classes were driving the growth.
According to her, the development reflects growing confidence in Nigeria’s economic management.
Sidi Ali said reforms introduced under Cardoso were beginning to produce measurable gains, including improved macroeconomic stability and greater confidence in the foreign exchange market.
She also said 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.
She described the development as evidence of improving stability in the foreign exchange market.
The CBN official highlighted several reforms implemented over the past 34 months, including banking sector recapitalisation, the non-resident Bank Verification Number, the B-Match foreign exchange trading platform and the Nigeria Payments System Vision 2028.
She reaffirmed the CBN’s commitment to maintaining monetary and price stability while promoting investment, stronger financial markets and sustainable economic growth.
