The Central Bank of Nigeria (CBN) on Thursday reiterated its pledge to safeguard monetary and financial stability, signaling it will persist with measures designed to rein in inflation, steady prices and underpin sustainable growth.
The declaration followed a one-day stakeholders’ fair in Bauchi intended to broaden financial inclusion, raise public understanding of the bank’s functions and gather feedback on its policies and services.
In a statement, the apex bank said its actions remain focused on preserving macroeconomic balance while supporting the broader economy.
The bank’s Acting Director of Corporate Communications and Investor Relations, Hakama Sidi‑Ali, speaking through the CBN’s Bauchi branch controller, Michael Dalyop, said the central bank’s recent reforms are producing “measurable results,” pointing to moderating inflation and growing confidence in the foreign‑exchange market.
She said that the stakeholders’ fair was one of the bank’s strategic initiatives aimed at improving the lives and livelihoods of Nigerians through enhanced financial literacy and wider access to alternative payment channels.
According to the CBN, the nation’s external reserves rose above $52.5bn as of July 17, 2026, representing a 17-year high and exceeding the bank’s annual target.
The bank attributed the increase to sustained foreign exchange inflows, renewed investor confidence and stronger participation across different asset classes.
CBN said the improving reserves position reflected the impact of ongoing economic reforms, which it said were restoring stability to the country’s financial system.
Sidi-Ali also highlighted the moderation in inflation, noting that headline inflation declined from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also eased.
She attributed the trend to disciplined monetary tightening, exchange rate unification and improved market transparency.
According to her, the naira has continued to strengthen, with the gap between the official foreign exchange rate and Bureau De Change rates narrowing to below two per cent, which she described as evidence of increasing stability in the foreign exchange market.
She said the apex bank had implemented several reforms over the past 34 months to lay the foundation for sustainable economic growth, job creation and poverty reduction.
Among the reforms highlighted were the unification and increased transparency of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
The CBN also pointed to the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, saying the measure was designed to improve liquidity management and reduce inflationary pressures.
The apex bank said it collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent, market-based benchmark for short-term funding transactions in line with international best practices.
Speaking on the theme of the stakeholders’ fair, Sidi-Ali said the initiative was intended to promote alternative payment channels, deepen financial inclusion and strengthen engagement between the CBN and members of the public.
She said, “The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives.”
