Nigeria’s foreign exchange reserves have risen above $52.5 billion, representing the highest level in 17 years, the Central Bank of Nigeria (CBN) has disclosed.

The apex bank also said headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026, while core and food inflation also eased during the period.

The CBN attributed the developments to disciplined monetary tightening, greater transparency in the foreign exchange market and renewed investor confidence.

Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs. Hakama Sidi Ali, disclosed this on Thursday in Lokoja, Kogi State, at the CBN Fair.

Sidi Ali said the country’s foreign reserves had surpassed the CBN’s annual target, supported by sustained inflows and renewed investor participation across various asset classes.

She added that the naira had continued to strengthen, with the gap between the official foreign exchange market and Bureau de Change rates narrowing by two per cent.

According to her, the developments indicated that the reforms being implemented under the leadership of CBN Governor, Olayemi Cardoso, were beginning to yield positive results.

She said the reforms were aimed at restoring monetary and price stability while laying the foundation for inclusive economic growth and job creation.

Sidi Ali listed the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number (BVN), the B-Match system for foreign exchange trading and the Nigeria Payments System Vision 2028 among the major reforms undertaken by the apex bank.

She also highlighted the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures to improve liquidity management and mitigate inflationary pressures.

The CBN official spoke at the fair themed, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

She said the event was designed to deepen public understanding of CBN policies and initiatives while providing an avenue for Nigerians to raise concerns and offer suggestions on ways to improve their livelihoods.

Sidi Ali urged Nigerians to embrace alternative payment channels, describing efficient payment systems as critical to expanding financial inclusion and accelerating economic development.

She also cautioned members of the public against spraying, hawking, mutilating or counterfeiting the naira, urging Nigerians to rely only on information disseminated through the CBN’s official and verified channels.

Earlier in his welcome address, the CBN Controller, Lokoja Branch, Mr. Zubairu Abdulrahman Salihu, said Kogi State had recorded the highest banking penetration rate in Nigeria, with 94 per cent of its population having access to banking services.

Salihu, who was represented at the event by Mr. Friday Abbah, said the figure was contained in the 2023 Access to Financial Services Survey conducted by Enhancing Financial Innovation & Access (EFInA).

He said the high banking penetration rate demonstrated Kogi’s potential to benefit significantly from Nigeria’s expanding digital financial ecosystem.

According to him, the theme of the fair was particularly relevant at a time when technology was transforming the financial services sector and creating new opportunities for financial inclusion.

He, however, said there was a need to deepen the adoption of alternative payment channels, particularly among farmers, traders, small businesses and operators in the informal sector.

Salihu said wider adoption of digital payment platforms would improve access to financial services, strengthen participation in the formal economy and support inclusive economic growth.

“Financial inclusion ensures that individuals and businesses have access to affordable and appropriate financial products and services, including payments, savings, credit and insurance,” he said.

He described Kogi as strategically positioned to benefit from the digital finance revolution because of its location as a major transit corridor linking Northern and Southern Nigeria, as well as its growing commercial activities.

The CBN controller urged entrepreneurs, farmers, artisans, students and business owners in the state to take advantage of available digital financial services to expand their economic opportunities.

He said the apex bank remained committed to promoting a safe, efficient, inclusive and resilient payment ecosystem through sustained collaboration with financial institutions, fintech companies, government agencies and other stakeholders.

Salihu added that the CBN Fair provided a platform for improved public understanding of the bank’s policies, promotion of financial literacy, resolution of consumer concerns and increased awareness of financial services and consumer protection mechanisms.

The event also featured engagements on developments in the Nigerian payment system, microfinance, foreign exchange operations, monetary policy, financial consumer protection and the use and protection of the naira.