Nigeria’s foreign exchange reserves have risen above $52.5 billion, reaching their highest level in 17 years and exceeding the Central Bank of Nigeria’s (CBN) annual target.
The CBN disclosed that the reserves stood above $52.5 billion as of July 17, 2026, attributing the increase to sustained foreign exchange inflows, renewed investor confidence and increased participation across various asset classes. (GBN)
The disclosure was made by the Acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, while delivering the opening remarks of Governor Olayemi Cardoso at the CBN Fair in Gombe.
Earlier, Cardoso had put gross external reserves at $52.52 billion as of July 17, up from $50.47 billion at the end of May. He said the increase was largely driven by receipts from crude oil-related taxes and third-party inflows. (Premium Times Nigeria)
The governor said the reserve position was sufficient to cover about 11 months of imports of goods and services, significantly above the internationally recognised three-month benchmark.
The CBN linked the improvement to ongoing monetary and foreign exchange reforms, including exchange-rate unification, tighter liquidity management and greater transparency in the FX market.
The apex bank also said the naira had become more stable, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent. (Punch Newspapers)
Cardoso further noted that headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated.
He said the CBN’s reforms over the past 34 months were aimed at strengthening financial markets, improving economic stability, supporting sustainable growth and creating conditions for increased investment.
The reforms include the recapitalisation of the banking sector, introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028. (Punch Newspapers)
The rise in reserves provides Nigeria with a stronger external buffer against economic shocks and improves the country’s capacity to meet its foreign exchange obligations. (The Guardian Nigeria)
