Nigeria Gross External Reserves Reach $52.73 Billion

Central Bank of Nigeria Governor Olayemi Cardoso announced that Nigeria's gross external reserves rose to $52.73 billion as of July 9, 2026, representing a 7.9 percent increase from $48.88 billion in January. During a presentation to the Senate Committee on Banking, Insurance and Other Financial Institutions in Abuja on July 22, Cardoso attributed this growth to restored confidence in the foreign exchange market. This peak follows a trend of steady increases, with reserves climbing from $51.92 billion on July 16 to $52.52 billion by July 17, driven by third-party inflows and crude oil-related tax receipts.

Cardoso highlighted the Banking Sector Recapitalisation Programme, which mobilized N4.65 trillion in fresh capital in March 2026, allowing 33 banks to meet revised capital requirements. Simultaneously, the naira appreciated against the U.S. dollar in both official and parallel markets on July 21. At the official window, the currency closed at N1,374.5000 per dollar.

During the 306th Monetary Policy Committee meeting, the bank maintained the Monetary Policy Rate at 26.5 per cent and the Cash Reserve Requirement at 45 per cent. While headline inflation eased to 15.91 per cent in June, food inflation rose to 17.52 per cent. Senator Adetokunbo Abiru commended the bank's transparency but cautioned that increased bank capital must be used to provide affordable credit to productive sectors such as agriculture and technology rather than simply increasing balance sheets.