CBN reports FX stability, reserves rise

At the CBN Fair in Gombe on August 4, 2026, Nigeria — Central Bank of Nigeria Governor Yemi Cardoso, represented by Hakima Sidi-Ali, reported that recent monetary reforms are yielding positive results. Headline inflation eased to 15.91% in June from 15.93% in May, while external reserves rose above $52.5 billion as of July 17, 2026, a 17-year high. The naira has strengthened, with the gap between official and Bureau de Change rates narrowing to below 2%. Cardoso attributed these improvements to disciplined monetary tightening, exchange rate unification, and improved transparency. He highlighted reforms including banking sector recapitalisation, the B-Match FX trading system, and the Nigeria Payments System Vision 2028. The CBN also introduced a 75% Cash Reserve Ratio on non-TSA public sector deposits and, with the Financial Markets Dealers Association, launched the Nigerian Overnight Financing Rate as a benchmark. The fair aimed to promote alternative payment channels and financial inclusion. Separately, the Middle Belt Forum backed Cardinal John Onaiyekan and the Catholic Bishops' Conference of Nigeria over their criticism of the economic and security situation.