Writing by Hudu Shehu; Editing by Abubakar Hamza.
The Central Bank of Nigeria (CBN) has attributed the stability of the naira and rising external reserves to the ongoing monetary reforms.
The CBN Governor, Dr. Olayemi Cardoso made this known at the CBN Fair in Gombe.
Dr.Olayemi Cardoso who was represented by the Acting Director Cooperate Communication and Investor Relations, Mrs. Hakama Sidi-Ali , said headline inflation fell slightly from 15.93 percent in May 2026 to 15.91 percent in June , while core and food inflation declined.
According to him, the naira has become more stable, with the gap between the official exchange rate and Bureau de Change rates falling to below two per cent.
He attributed the improvement to disciplined monetary tightening, exchange rate and Bureau de Change rates falling.
Dr. Cordoso said Nigeria’s external reserves had risen above 52.5 billion dollars as of July 17, 2026 , describing it as the highest level in 17 years and above the CBN’s annual target.
He maintained that the increase was driven by sustained inflows and renewed investor confidence in the Nigerian economy.
According to him, the CBN has introduced several reforms over the past 34 months to support sustainable economic growth, create jobs and reduce poverty.
Earlier the CBN Branch Controller in Gombe, Yunusa Buba-Mubi, said the fair formed part of the bank’s public engagement activities.
He stressed that it was designed to educate the public on the CBN’s policies while giving citizens and stakeholders the opportunity to provide feedback.
Yunusa Buba-Mubi urged participants to listen carefully to the presentations, ask questions and share their views.
