The Central Bank of Nigeria (CBN) says the recent stability in the foreign exchange market, rising external reserves, and easing inflation show the ongoing monetary reforms are producing positive results.
The CBN Governor, Olayemi Cardoso, represented by the acting director of corporate communications and investor relations, Hakama Sidi-Ali, said this on Tuesday at the CBN fair in Gombe State.
The theme of the fair was: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Mr Cardoso said headline inflation fell slightly from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also declined.
He attributed the improvement to disciplined monetary tightening, exchange rate reforms, and improved market transparency.
According to him, the naira has become more stable, with the gap between the official exchange rate and Bureau de Change rates falling 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.
Mr Cardoso said Nigeria’s external reserves had risen above $52.5 billion as of July 17, 2026, describing it as the highest level in 17 years and above the CBN’s annual target.
He said the increase was driven by sustained inflows and renewed investor confidence in the Nigerian economy.
According to him, the CBN has introduced several reforms over the past 34 months to support sustainable economic growth, create jobs, and reduce poverty.
The reforms include the unification of the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number, the B-Match foreign exchange trading system, and the Nigeria Payments System Vision 2028.
He also said the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits was aimed at improving liquidity management and reducing inflationary pressure.
Mr Cardoso said the CBN had worked with the Financial Markets Dealers Association to introduce the Nigerian overnight financing rate as a benchmark for short-term funding transactions.
He said the rate would provide a transparent, market-based reference and align Nigeria’s money market with international standards.
Speaking on the theme of the fair, Mr Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.
He said the fair provided an opportunity for the bank to engage directly with citizens, businesses, and other stakeholders, explain its policies, and receive feedback.
“The fair is one of the bank’s platforms for engaging the public on its policies and programmes,” he said.
He urged participants to ask questions and seek clarification on the bank’s operations, including financial consumer protection, payment system innovations, microfinance, monetary policy, and the proper handling of the naira.
The CBN scribe also urged Nigerians to obtain information on CBN’s policies only from the bank’s verified platforms.
He warned against spraying, hawking, mutilating, or counterfeiting the naira, describing the national currency as a symbol of the country’s pride.
Earlier, the CBN branch controller in Gombe, Yunusa Buba-Mubi, said the fair formed part of the bank’s public engagement activities.
Mr Buba-Mubi said it was designed to educate the public on the CBN’s policies while allowing citizens and stakeholders to provide feedback.
He urged participants to listen carefully to the presentations, ask questions, and share their views.
(NAN)
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