Nigeria’s foreign exchange reserves have surpassed $52.5 billion, reaching their highest level in 17 years, the Central Bank of Nigeria (CBN) announced.
The apex bank also revealed that headline inflation moderated from 15.91 percent in June to 15.43 percent in July 2026, with both food and core inflation recording declines during the period.
This was made known by the Acting Director of the CBN Department of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, on Thursday in Lokoja, Kogi State, during the CBN Fair.
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Sidi Ali attributed the improvement in the country’s external reserves and other economic indicators to the sustained tightening of monetary policy, greater transparency in the foreign exchange market and growing investor confidence.
He said foreign exchange reserves had surpassed the CBN’s annual target, driven by sustained inflows and renewed investor participation across different asset classes.
According to her, the naira has also recorded gains, and the difference between the exchange rates in the official foreign exchange market and the exchange office segment has reduced by two per cent.
He noted that developments suggested that the reforms introduced under CBN Governor Olayemi Cardoso were beginning to produce positive results.
Sidi Ali said the reforms were designed to restore monetary and price stability while creating the foundation for inclusive economic growth and job creation.
He identified several key initiatives of the apex bank, including unification and greater transparency of the foreign exchange market, recapitalization of the banking sector, introduction of the Bank Non-Resident Verification Number (BVN), B-Match platform for foreign exchange trading and Vision 2028 of the Nigerian payments system.
He also cited the implementation of a 75 percent cash reserve ratio on non-Treasury Single Account public sector deposits as part of measures to strengthen liquidity management and reduce inflationary pressures.
The CBN official spoke at the event with the theme “Boosting alternative payment channels as tools for financial inclusion, growth and accelerated economic development.”
He said the fair was organized to improve public understanding of the CBN’s policies and initiatives, while providing an opportunity for Nigerians to raise concerns and make suggestions on how financial services could better support their livelihoods.
Sidi Ali urged Nigerians to adopt alternative payment channels, stressing that efficient payment systems were essential to expand financial inclusion and drive economic development.
He also warned against fumigation, peddling, mutilation or counterfeiting of the naira, and urged the public to obtain information on CBN policies only on the bank’s official and verified platforms.
Earlier, the CBN Controller, Lokoja Branch, Mr Zubairu Abdulrahman Salihu, said Kogi State had recorded a banking penetration rate of 94 per cent, making it the state with the highest level of access to banking services in Nigeria.
Salihu, who was represented at the event by Mr Friday Abbah, said the figure was contained in the 2023 Financial Services Access Survey conducted by Enhancing Financial Innovation & Access (EFInA).
He said Kogi’s high level of banking penetration put the state in a strong position to benefit from the country’s expanding digital financial ecosystem.
He highlighted the need for greater adoption of alternative payment channels, particularly among farmers, traders, small businesses and informal sector operators.
According to him, greater use of digital payment platforms would expand access to financial services, encourage participation in the formal economy and promote inclusive economic growth.
Salihu encouraged entrepreneurs, farmers, artisans, students and business owners in Kogi to take advantage of the digital financial services available to expand their economic activities.
He added that the CBN remained committed to developing a secure, efficient, inclusive and resilient payments ecosystem through collaboration with financial institutions, fintech companies, government agencies and other stakeholders.
The fair included discussions on the Nigerian payments system, microfinance, foreign exchange operations, monetary policy, financial consumer protection and the proper use and protection of the naira..
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