Nigeria: Nigeria's Rising Foreign Reserves Reflect Investor Confidence - CBN

What the report says

Nigeria’s central bank says the country’s foreign reserves are rising because of renewed investor confidence and steady capital inflows, according to comments reported by Daily Trust and distributed by AllAfrica. The remarks were delivered on Tuesday in Gombe during the opening of a Central Bank of Nigeria fair, where the bank also framed the increase as a sign that recent economic reforms are helping stabilize the financial system.

The report says the reserves reached more than $52.5 billion as of July 17, 2026, which the bank described as a 17-year high and above its annual target. The CBN’s acting director of corporate communications and investor relations, Hakama Sidi Ali, said the gains reflect stronger foreign exchange inflows and broader investor participation across asset classes. She linked the trend to policy measures under CBN Governor Olayemi Cardoso.

The article also says the bank pointed to modest easing in inflation, with headline inflation moving from 15.93% in May to 15.91% in June 2026, alongside softer food and core inflation. It further said the naira has strengthened and that the gap between official and bureau de change exchange rates has narrowed to below 2%, which the bank presented as evidence of improved foreign exchange market stability.

A CBN official in Gombe said the fair is meant to educate the public about the bank’s policies and provide a forum for feedback. More broadly, the report suggests the central bank is using the reserve data to underscore progress from its reform agenda, though independent verification of the underlying trends is not provided in the text.