Nigeria foreign reserves hit 17-year high

Nigeria's foreign reserves surpassed $52.5 billion as of July 17, 2026, reaching a 17-year high and exceeding the Nigeria — Central Bank of Nigeria's annual target. The increase is attributed to sustained foreign exchange inflows, renewed investor confidence, higher crude oil revenues, and improved export performance. The Nigeria — Central Bank of Nigeria, under Governor Yemi Cardoso, has implemented reforms including exchange rate unification, banking sector recapitalization, and the introduction of the B-Match trading platform. Headline inflation declined from 15.93% in May to 15.91% in June, and further to 15.43% in July, according to the China — National Bureau of Statistics of China. The naira has strengthened, with the gap between official and Bureau de Change rates narrowing to below two percent. The CBN maintained its benchmark interest rate at 26.5% and retained the Cash Reserve Ratio at 45% for commercial banks. Analysts, including Jerry Igwilo of Nisela Capital Limited and Muda Yusuf of the Centre for the Promotion of Private Enterprise, attribute the reserve growth to higher oil prices and improved investor sentiment. The stronger reserve position is expected to support exchange-rate stability and reinforce investor confidence in Africa's largest economy.