Nigeria Foreign Reserves Hit 17-Year High of $52.5 Billion

The Central Bank of Nigeria announced that foreign reserves rose above $52.5 billion in July 2026, reaching a 17-year high and exceeding the bank's annual target. During a stakeholders' engagement event in Lokoja, the bank reported that the naira has strengthened, narrowing the gap between the official exchange rate and the Bureau de Change rate by two per cent.

Economic indicators showed further improvement as headline inflation declined to 15.43 per cent in July, down from 15.91 per cent in June. Acting Director Makama Sidi Alli attributed these gains to renewed investor confidence, sustained inflows, and monetary reforms led by Governor Olayemi Cardoso. These initiatives included the unification of the foreign exchange market, banking sector recapitalization, and a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits.

Officials at the event also emphasized the expansion of digital financial services and alternative payment channels. Governor Ahmed Usman Ododo of Kogi State advocated for these tools to increase financial inclusion for rural communities, farmers, and small business owners to drive broader economic growth.