The Central Bank of Nigeria, CBN, says the recent stability in the foreign exchange market, rising external reserves and easing inflation are signs that its monetary reforms are beginning to deliver positive results.
CBN Governor, Olayemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, disclosed this at the CBN Fair in Gombe, where the apex bank highlighted recent policy measures aimed at strengthening macroeconomic stability, improving market transparency and expanding financial inclusion.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” provided a platform for the CBN to engage citizens, businesses and other stakeholders on its policies and receive feedback on the impact of its reforms.
Cardoso said headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also recorded decreases.
He attributed the moderation to disciplined monetary tightening, foreign exchange reforms and improved transparency in the financial markets.
According to him, the naira has also recorded greater stability, with the difference between the official exchange rate and Bureau de Change rates narrowing to below two per cent.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said.
The CBN governor further disclosed that Nigeria’s external reserves exceeded $52.5 billion as of July 17, 2026, describing the level as the highest recorded in 17 years and above the apex bank’s annual target.
He said the stronger reserve position was supported by sustained foreign exchange inflows and renewed investor confidence in the Nigerian economy.
The development comes as the CBN continues to implement a series of monetary and financial-sector reforms introduced over the past 34 months as part of efforts to promote sustainable economic growth, support job creation and reduce poverty.
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Among the measures are the unification of the foreign exchange market, recapitalization of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
The apex bank has also introduced a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits, a measure it said is intended to strengthen liquidity management and help reduce inflationary pressures.
The CBN said it had also worked with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a benchmark for short-term funding transactions.
Cardoso said the benchmark would provide a transparent, market-based reference for short-term financing while bringing Nigeria’s money market closer to international standards.
Speaking on the theme of the fair, Cardoso said the CBN remained committed to expanding the use of alternative payment channels as a way of deepening financial inclusion and supporting economic activity.
Alternative payment channels, including electronic transfers and other digital payment solutions, have become increasingly important as Nigeria seeks to reduce dependence on cash and broaden access to formal financial services.
He described the fair as one of the CBN’s avenues for communicating its policies directly to the public, explaining new initiatives and obtaining feedback from consumers and businesses. “The fair is one of the bank’s platforms for engaging the public on its policies and programmes,” he said.
Cardoso encouraged participants to seek clarification on issues relating to the CBN’s operations, including financial consumer protection, payment-system innovations, microfinance, monetary policy and the proper handling of the naira.
He also advised Nigerians to obtain information about the apex bank’s policies and programmes only through its verified communication platforms to avoid being misled by false or unauthorized information.
Earlier, the CBN Branch Controller in Gombe, Yunusa Buba-Mubi, said the fair was part of the bank’s broader public engagement programme designed to improve public understanding of CBN policies while creating an avenue for citizens, businesses and other stakeholders to provide feedback to the bank.
He urged participants to pay attention to the presentations, ask questions and share their views on issues affecting financial services and the wider economy.
The CBN’s engagement in Gombe comes amid continued efforts by the apex bank to consolidate recent gains in the foreign exchange market, strengthen the financial system and ensure that monetary policy measures translate into improved economic conditions for households and businesses.
