The Central Bank of Nigeria (CBN) has said Nigeria’s gross external reserves, which rose above $55 billion as of September 18, 2026, alongside recent monetary and financial-sector reforms, are strengthening the resilience of the economy.
The Director, Stakeholder Engagement and Institutional Relations Department of the CBN, Mrs Hakama Sidi Ali, disclosed this on Tuesday in Abuja while speaking at the CBN Special Day at the 21st Abuja International Trade Fair.
She said the reserves had reached their highest level in 18 years, attributing the development to improved foreign exchange inflows driven by measures aimed at encouraging remittances, investments and greater participation in the formal financial system.
Speaking on the theme of the trade fair, “Resilience: Trade, Taxation and the Economy,” Sidi Ali said economic resilience had become an operational requirement for businesses, institutions and governments amid changing economic conditions.
She said resilient economies required the capacity to absorb shocks, recover quickly and take advantage of emerging opportunities, adding that this depended on a productive private sector, an efficient tax system, a sound financial sector and credible economic policies.
According to her, the CBN, working with fiscal authorities under the leadership of Governor Olayemi Cardoso, had implemented a series of reforms aimed at strengthening macroeconomic stability, improving investor confidence and supporting sustainable economic growth.
She cited the unification of the foreign exchange market as one of the key reforms, saying it had helped improve stability, strengthen investor confidence and reduce distortions in the FX market.
Sidi Ali also identified the Payments System Vision 2028 and the recently concluded banking sector recapitalisation as other major reforms designed to strengthen Nigeria’s financial system and position the country as a regional leader in digital and cross-border payments.
She said the reforms had contributed to the CBN receiving the 2026 Central Bank of the Year Award, describing the recognition as an indication of the growing global attention to Nigeria’s financial-sector reforms.
On monetary policy, the CBN director said the bank had recently reduced the Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent and recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR.
She said the adjustment was intended to support productive economic activities while maintaining the CBN’s focus on reducing inflation, which stood at 15.39 per cent.
Sidi Ali said macroeconomic stability was critical to the success of trade and investment, noting that businesses were more likely to plan and invest when inflation was moderated, exchange rates were relatively stable and the financial system remained sound.
“Resilient trade thrives in an environment of macroeconomic stability,” she said, adding that stable monetary conditions also provided governments with a stronger environment for implementing taxation policies and other economic reforms.
She urged businesses to embrace innovation, improve corporate governance and explore new markets, while calling on financial institutions to increase support for productive sectors of the economy.
She also charged tax authorities to promote greater transparency and efficiency in tax administration, saying all stakeholders had a role to play in building a more resilient economy.
“Together, these actions will strengthen economic resilience and create opportunities for growth and prosperity for Nigeria,” she said.
Looking ahead, Sidi Ali said the CBN remained committed to reforms aimed at price stability, banking-sector resilience and strengthening the broader financial system.
She expressed optimism that the reforms would contribute to greater economic stability, increased competitiveness and sustainable economic growth.
She urged participants at the trade fair to use the platform to deepen collaboration, attract investments, create jobs and expand opportunities for wealth creation.
Sidi Ali also invited participants to visit the CBN pavilion at the trade fair, where officials would provide information on the country’s payments system, consumer protection initiatives, effective handling of the naira and other CBN policies.
She congratulated the Abuja Chamber of Commerce and Industry (ACCI) for organising the trade fair and wished exhibitors and participants successful engagements.
Source: Business Archives – New Telegraph
