- CBN says it will sustain policies to ensure price and financial system stability.
- External reserves rise above $52.5 billion, marking a 17-year high.
- Apex bank reports easing inflation and stronger confidence in the foreign exchange market.
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining monetary and financial system stability, pledging to continue policies aimed at curbing inflation, ensuring price stability, and supporting sustainable economic growth.
Eko Hot Blog reports that the assurance was contained in a statement released on Thursday after a one-day stakeholders’ fair held in Bauchi to promote financial inclusion, increase public awareness of the bank’s operations, and gather feedback on its policies and services.
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Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, said the apex bank remains focused on delivering its statutory mandate through sound monetary policies.
Represented by the CBN Branch Controller in Bauchi, Michael Dalyop, Sidi-Ali said reforms introduced under the current leadership were beginning to produce measurable results, including improved macroeconomic stability, easing inflation, and stronger confidence in Nigeria’s foreign exchange market.
She explained that the stakeholders’ fair forms part of the bank’s strategy to improve financial literacy, expand access to alternative payment channels, and enhance financial inclusion across the country.
According to the CBN, Nigeria’s external reserves climbed above $52.5 billion as of July 17, 2026, representing the highest level in 17 years and exceeding the bank’s annual target.
The increase was attributed to sustained foreign exchange inflows, renewed investor confidence, and stronger participation across different asset classes.
The bank said the stronger reserve position reflects the impact of ongoing economic reforms aimed at restoring stability to Nigeria’s financial system.
Sidi-Ali also noted that headline inflation declined slightly from 15.93 percent in May to 15.91 percent in June 2026, while food and core inflation also moderated.
She credited the improvement to disciplined monetary tightening, exchange rate unification, and increased transparency in the foreign exchange market.
According to her, the gap between the official foreign exchange rate and Bureau De Change rates has narrowed to below two percent, indicating growing stability in the market.
She highlighted several reforms implemented over the past 34 months, including the unification of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading system, and the Nigeria Payments System Vision 2028.
The CBN also cited the introduction of a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, saying the policy was designed to improve liquidity management and reduce inflationary pressure.
In addition, the bank said it partnered with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent benchmark for short-term funding transactions in line with international best practices.
Sidi-Ali encouraged Nigerians to engage with the CBN on issues relating to financial consumer protection, payment system innovations, microfinance, monetary policy, and currency management.
She also reiterated the bank’s warning against the abuse of the naira, urging citizens to obtain information only through verified official platforms and to avoid spraying, hawking, mutilating, or counterfeiting the national currency.
Earlier, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the CBN’s Strategy 2024–2028 is focused on achieving monetary, price, and financial system stability while promoting inclusive economic growth.
He added that the strategy seeks to expand access to financial services for individuals, small businesses, and larger enterprises, while reforms in the foreign exchange market, stronger external reserves, easing inflation, and banking sector recapitalisation are helping to strengthen Nigeria’s economy.
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