By: Tijani Salako.
As the naira continues to strengthen, with the gap between the official and Bureau de Change rates narrowing to below two per cent, Nigeria’s foreign reserves stood above $52.5bn as of July 17, 2026, marking a 17-year high and surpassing the Central Bank of Nigeria’s annual target.
The feat was supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.
The Acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, stated this on Tuesday in Lafia, the Nasarawa State capital, during a fair organised by the apex bank, with participants from various sectors of the state in attendance.
The latest disclosure came weeks after the CBN highlighted the same improvement in Nigeria’s external reserves and foreign exchange market at its earlier fair in Gombe State, where the apex bank attributed the rising reserves, narrowing official-BDC rate gap and moderating inflation to the impact of its ongoing monetary and financial-sector reforms.
At the Gombe engagement, the CBN had also used the platform to deepen public awareness of alternative payment channels and financial inclusion, with the bank stressing the need to bring more Nigerians into the formal financial system through digital payment solutions.
Building on the reforms highlighted at the earlier engagement, Sidi-Ali explained in Lafia that over the past 34 months, CBN Governor, Olayemi Cardoso, had led bold reforms aimed at establishing the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.
Sidi-Ali listed some of the reforms as the unification and greater transparency of the foreign exchange market and the successful recapitalisation of the banking sector, which, according to her, had fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.
Other reforms, she said, included the launch of the non-resident BVN to connect Nigerians abroad with local banking services, the B-MATCH System for forex trading, the unveiling of the Nigeria Payments System Vision 2028 and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks.
“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly 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, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she explained.
Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the CBN acting director said it was carefully chosen to highlight the connections that drive critical activities towards achieving monetary, price and financial system stability, which she said were at the heart of the apex bank’s mandate.
According to her, the fair was one of the bank’s platforms strategically designed to engage the public on its policies and initiatives, with the objective of promoting sustainable economic growth and development across the country.
She also urged participants to uphold the cleanliness and respect of the naira, stressing that spraying, hawking, mutilating or counterfeiting the currency was prohibited.
She described the naira as an indispensable national emblem and a source of collective pride.
“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.
Also speaking, the Branch Controller, CBN Lafia, Njideka Nwabukwu, said one of the key objectives of the fair was to enlighten the public about various initiatives of the Central Bank of Nigeria while providing a platform for valuable feedback to help the bank improve its service delivery and policy implementation.
She said the theme could not be more apt, as it underscored the CBN’s commitment to leveraging innovation and technology to bring more Nigerians into the formal financial system and stimulate sustainable economic growth.
Nwabukwu said the bank had recorded notable milestones in deepening financial inclusion through alternative payment channels, including the expansion of agent banking and Point-of-Sale networks nationwide, as well as the promotion of mobile money, QR payments, internet banking and instant payment platforms.
She said the initiatives had significantly improved access to financial services for millions of Nigerians.
“Today, I therefore urge every participant here 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.
Earlier reports indicate that participants at the CBN fair, including members of the National Youth Service Corps, students and other residents of the state, pledged to embrace digital banking and other alternative payment channels to reduce the stress of regular visits to banks and make transactions easier and faster.
