Central Bank of Nigeria reports $52.5 bn reserves and falling inflation

The Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, announced that external reserves have risen above $52.5 billion as of 17 July 2026 – the highest level in 17 years and above the bank’s annual target. At the same time, headline inflation eased to 15.91 % in June 2026, down from 15.93 % in May, while core and food inflation also moderated. The naira has become more stable, with the spread between the official exchange rate and bureau‑de‑change rates falling below two per cent.

The bank attributes these improvements to a suite of reforms introduced over the past 34 months, including the unification of the foreign‑exchange market, banking‑sector recapitalisation, the launch of the B‑Match trading platform, the Non‑Resident Bank Verification Number (NRBVN), a 75 % cash‑reserve ratio on certain public deposits, and the introduction of the Overnight Financing Rate (NOFR) as a market‑based benchmark. CBN interventions and growing participation from local market actors pushed forex inflows to a five‑month high of $4.36 billion in July 2026, supporting the foreign‑exchange market despite a slight 0.5 % depreciation of the naira.

In a broader regional context, Cardoso called on African nations to deepen integration and adopt structural reforms at the 7th Africa Emerging Markets Forum in Abuja, emphasizing the need to turn a shifting global economic order into growth opportunities.