The Central Bank of Nigeria (CBN) says the gap between the official foreign exchange market and Bureau de Change (BDC) rates has narrowed to below two per cent, signalling improved stability in the country’s foreign exchange market as external reserves climbed above $52.5 billion.
The apex bank attributed the development to the impact of its monetary and foreign exchange reforms, saying the country’s external reserves, which stood above $52.5 billion as of July 17, 2026, have reached their highest level in 17 years. The reserves have also surpassed the bank’s annual target, driven by sustained capital inflows and growing investor confidence.
CBN Governor, Dr. Olayemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, disclosed this during the CBN Fair held in Gombe.
According to the governor, the naira has continued to strengthen, with the spread between the official exchange rate and the parallel market narrowing to below two per cent, reflecting increasing confidence in the foreign exchange market.
He also noted that inflationary pressures have eased, with headline inflation declining marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated.
Cardoso attributed the positive trend to disciplined monetary tightening, exchange rate reforms and improved transparency in the foreign exchange market.
He said the CBN had implemented several reforms over the past 34 months to strengthen macroeconomic stability and improve investor confidence.
The measures include the recapitalisation of the banking sector, the introduction of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate (NOFR), among others.
The CBN governor reaffirmed the bank’s commitment to sustaining monetary and price stability through policies designed to encourage investment, strengthen the financial system and support long-term economic growth.
Speaking earlier, the CBN Branch Controller in Gombe, Yunusa Buba Mubi, said the annual CBN Fair provides a platform for engaging the public on the bank’s policies while promoting financial literacy and inclusion.
