Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said monetary and foreign exchange reforms introduced by the bank helped restore investor confidence and attract sustained capital inflows that have significantly strengthened the country’s external reserve position, while also improving macroeconomic stability, moderating inflation and stabilizing the naira.
Speaking at the CBN Fair held at the International Conference Centre in Gombe, and represented by acting Director of Corporate Communications and Investor Relations, Hakama Sidi Ali, Cardoso said the sustained growth in reserves reflects stronger foreign exchange inflows and increasing investor confidence in economic management, with the reforms initiated under his leadership now yielding measurable results. External reserves have surpassed their annual target, climbing above 52.5 billion dollars as of July 17, 2026, the highest level in 17 years, a gain the central bank attributed to renewed foreign investor participation across multiple asset classes, supported by improved transparency in the foreign exchange market and disciplined monetary policy.
Cardoso said headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, with both food and core inflation also moderating, crediting the trend to disciplined monetary tightening, exchange rate unification and enhanced market transparency. He said the naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing it as a clear sign of improving stability in the foreign exchange market.
The governor highlighted several reforms implemented over the past 34 months, including the ongoing banking sector recapitalization programme, the launch of the non resident Bank Verification Number, deployment of the B Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, and the introduction of the Nigerian Overnight Financing Rate benchmark, reaffirming the central bank’s commitment to sustaining monetary and price stability through policies that support investment, deepen financial markets and promote long term economic growth.
Earlier, Branch Controller of the CBN’s Gombe office, Yunusa Buba Mubi, described the CBN Fair as an annual public engagement platform designed to educate Nigerians on the bank’s policies while giving stakeholders the opportunity to ask questions and offer feedback, encouraging participants to actively engage during the sensitization sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.
