The Central Bank of Nigeria has attributed the strengthening of the country’s external reserves to higher formal remittances, investment inflows and reforms aimed at moving more financial transactions into regulated channels.
CBN Director of Stakeholder Engagement and Institutional Relations, Hakama Sidi Ali, said external reserves stood at $55.25 billion as of September 18, 2026, which she described as the highest level in 18 years. She spoke during the CBN Special Day at the 21st Abuja International Trade Fair.
Sidi Ali said reforms in the foreign exchange market, banking recapitalization, and efforts to deepen digital and international payments had contributed to stronger external sector conditions and improved investor confidence.
She said the objective was not merely to accumulate reserves, but to create a more stable environment in which businesses could plan, expand production and attract investment. According to her, resilient trade depends on macroeconomic stability and a sound financial system.
The apex bank recently reduced the Monetary Policy Rate from 26.5 per cent to 23 per cent and adjusted its standing facilities corridor. Sidi Ali said the move was intended to support productive activity while maintaining the drive to reduce inflation, which she put at 15.39 per cent, towards single digits.
She reaffirmed the CBN’s commitment to price stability and financial system resilience, while encouraging businesses to improve governance, innovate and explore new markets.
President of the Abuja Chamber of Commerce and Industry, Chief Emeka Obegolu, said the test for businesses, particularly smaller enterprises, was whether improving macroeconomic indicators would translate into affordable and accessible credit.
Obegolu identified financing costs, infrastructure deficits, multiple taxation, high operating expenses and difficult trade procedures as major constraints. He called for monetary and fiscal policies that reward production and innovation rather than leaving businesses to absorb the full cost of economic adjustment.
