Nigeria foreign reserves reach 17-year high of $52.5 billion

Nigeria's foreign reserves reached a 17-year high of over $52.5 billion as of mid-July 2026. According to Hakama Sidi-Ali, Acting Director of Corporate Communications and Investor Relations at the Central Bank of Nigeria (CBN), this milestone was driven by sustained inflows and increased investor confidence across various asset classes.

The reserve growth coincides with a strengthening naira, with the gap between official and black market exchange rates narrowing to less than 2 percent. Economic data indicates that headline inflation decreased from 15.91% in June to 15.43% in July 2026, with core and food inflation also showing signs of easing.

These developments follow 34 months of reforms led by CBN Governor Olayemi Cardoso. Key initiatives include the unification and increased transparency of the foreign exchange market, banking sector recapitalization, and the introduction of the Nigeria Payments System Vision 2028. Other measures include the launch of the B-Match forex trading system and a 75% Cash Reserve Ratio on certain public sector deposits to manage liquidity and curb inflation.