Nigeria's foreign reserves top $52.5 bn, hitting 17-year high

The Central Bank of Nigeria announced on Tuesday, August 4, 2026, that the country's external reserves have reached a 17-year high, surpassing $52.5 billion and exceeding the bank's annual target. The milestone was presented as evidence that a series of monetary reforms is beginning to stabilize the nation's financial system.

CBN Governor Olayemi Cardoso, represented by Acting Director of Corporate Communications Hakama Sidi Ali at a public fair in Gombe, stated the reserve level recorded as of July 17 reflects sustained capital inflows and renewed investor confidence across various asset classes. Officials attributed the growth to disciplined economic management and reforms implemented over the past 34 months.

Alongside rising reserves, the bank reported modest improvements in key economic indicators. Headline inflation declined slightly from 15.93 percent in May to 15.91 percent in June, with core and food inflation also moderating. The naira has shown greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two percent. Officials said these developments are driven by monetary tightening, the unification of exchange...