Nigeria’s foreign reserves have risen above $52.5 billion, representing the highest level recorded in 17 years and surpassing the annual target set for the reserves.
The Central Bank of Nigeria disclosed this on Friday in Lokoja, Kogi State, during an engagement with business operators, artisans, students, market women, members of the National Youth Service Corps and other stakeholders.
The apex bank also said the naira had continued to strengthen, with the gap between the official exchange rate and the Bureau de Change rate narrowing by two per cent.
The Acting Director, Corporate Communications and Investors Relations Department of the CBN, Mrs Makama Sidi Alli, said the growth in the reserves was driven by sustained inflows, renewed investor confidence and increased participation across asset classes.
Alli, who was represented by the CBN Branch Controller in Lokoja, Zubairu Abdulrahman Salihu, said the engagement was part of the bank’s efforts to sensitise Nigerians to its policies and initiatives.
She said the programme was also designed to obtain feedback from stakeholders on measures that could improve the livelihoods of Nigerians and promote sustainable economic growth.
The event was held under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Alli said alternative payment channels remained important to financial inclusion, monetary and price stability and the development of the financial system.
She said the CBN remained committed to maintaining monetary and price stability and carrying out its statutory responsibilities under the CBN Act, 2007, as amended.
According to her, the recent decline in inflation, increase in foreign reserves and relative stability in the foreign exchange market showed that the reforms introduced by the bank were producing positive results.
She said data from the National Bureau of Statistics showed that headline inflation fell from 15.91 per cent in June to 15.43 per cent in July 2026.
She added that core and food inflation also declined during the period, attributing the development to monetary policy measures, exchange rate reforms and improved transparency in the market.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing by two per cent. Nigeria’s foreign reserves remain above $52.5 billion as of July 2026, marking a 17-year high and surpassing the CBN’s yearly target,” she said.
Alli commended CBN Governor Olayemi Cardoso for the reforms introduced during his tenure, saying they were laying the foundation for economic development, inclusive growth and job creation.
She listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number and the B-MATCH system for foreign exchange trading.
Other measures, she said, included the Nigeria Payments System Vision 2028 and the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary risks.
Earlier, Salihu said the rapid transformation of financial services through technology had made alternative payment channels important for expanding access to financial services.
He said financial inclusion would ensure that individuals and businesses had access to affordable and appropriate financial products and services, including payments, savings, credit and insurance.
According to him, financial inclusion was critical to inclusive growth, improved monetary policy effectiveness and increased participation in the formal economy.
He said the stakeholder engagement was aimed at deepening financial inclusion and expanding opportunities for underserved groups, including farmers, traders, small businesses and people operating in the informal sector.
Also speaking, Kogi State Governor Usman Ododo commended Cardoso for policies which he said had gradually improved the economy.
Ododo said financial inclusion should ensure that every citizen, regardless of location, income, occupation, age or social status, had access to appropriate, affordable and secure financial services.
He said expanding access to financial services was particularly important to Kogi because of the state’s agricultural, commercial and entrepreneurial potential.
“Alternative channels such as agent banking, mobile money, POS services, USSD, digital wallets, QR-code payments and electronic banking provide important opportunities to reach underserved and rural communities,” he said.
The governor said farmers needed convenient platforms to receive payments, save money, access credit and participate in the formal financial system.
He added that traders also required reliable payment solutions to reduce the risks associated with carrying cash.
“Young people need digital financial services that enable them to participate in the digital economy, build businesses and access new markets. Women entrepreneurs require accessible financial products that respond to their business needs,” Ododo said.
