BAUCHI, Nigeria (XOL Africa) — The Central Bank of Nigeria (CBN) says recent economic reforms have begun producing measurable results and are laying the foundation for long-term economic growth, improved financial stability and greater investor confidence.
The apex bank made the statement Thursday during a stakeholders’ fair in Bauchi aimed at promoting financial inclusion, improving public understanding of monetary policies and gathering feedback from Nigerians on its services.
Speaking at the event, Acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, said the bank remained committed to maintaining monetary and financial system stability through policies focused on inflation control, price stability and sustainable economic development.
Represented by the CBN Branch Controller in Bauchi, Michael Dalyop, Sidi-Ali said the reforms introduced under the current leadership were beginning to deliver positive outcomes.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
The CBN said Nigeria’s external reserves had risen above $52.5 billion as of July 17, 2026, describing the figure as a 17-year high and above its annual target.
According to the bank, the increase was driven by stronger foreign exchange inflows, improved investor confidence and increased participation across financial markets.
The CBN also reported a moderation in inflation, saying headline inflation declined from 15.93% in May to 15.91% in June 2026, while food and core inflation also recorded improvements.
Sidi-Ali attributed the trend to tighter monetary policy, exchange rate reforms and increased transparency in the foreign exchange market.
She said the naira had continued to stabilise, with the gap between the official exchange rate and Bureau De Change rates narrowing to below 2%, which she described as a sign of improved market confidence.
“The reforms implemented over the past 34 months are designed to lay the foundation for sustainable economic growth, job creation and poverty reduction,” Sidi-Ali said.
Among the reforms highlighted by the CBN were foreign exchange market reforms, 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 bank also pointed to the implementation of a 75% Cash Reserve Ratio on non-Treasury Single Account public sector deposits, saying the policy was aimed at improving liquidity management and reducing inflationary pressures.
The CBN said it had also partnered with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent benchmark for short-term funding transactions.
Sidi-Ali said the stakeholders’ fair was designed to strengthen engagement between the bank and the public while promoting alternative payment channels and expanding access to financial services.
“The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives,” she said.
She encouraged participants to seek information on consumer protection, payment system innovations, microfinance, monetary policy and currency management.
The CBN also warned Nigerians against the abuse of the naira, urging citizens to respect the currency and obtain information about its policies through verified official channels.
“It is prohibited to spray, hawk, mutilate or counterfeit the naira,” Sidi-Ali said, describing the currency as “an indispensable national symbol and a source of our collective pride.”
Earlier, Dalyop said the CBN’s Strategy 2024-2028 was designed to deliver monetary, price and financial system stability while supporting inclusive growth.
He said the strategy aimed to expand access to financial services for individuals, small businesses and larger enterprises.
Dalyop said foreign exchange reforms had improved transparency, strengthened investor confidence and helped push reserves above $50 billion, while banking sector recapitalisation had improved the ability of financial institutions to support economic activities.
He urged Nigerians to take advantage of formal banking services instead of keeping large amounts of cash outside the financial system, while encouraging citizens to treat the naira with dignity and respect.
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