Reforms Paying Off, Inflation Dropping – CBN

The Central Bank of Nigeria (CBN) has said its ongoing monetary reforms are beginning to yield positive results, with headline inflation declining, the naira gaining stability, and the country’s foreign reserves rising to their highest level in 17 years.

Speaking at the CBN Fair in Gombe on Tuesday, the acting director of Corporate Communications and Investor Relations, Hakama Sidi Ali, said the bank’s reforms under Governor Olayemi Cardoso had laid the foundation for sustainable economic growth, job creation and poverty reduction.

She disclosed that headline inflation declined from 15.93 per cent in May 2026 to 15.91 per cent in June 2026, while both food and core inflation also moderated over the same period.

According to her, the improvement reflects the impact of disciplined monetary tightening, exchange-rate reforms and enhanced transparency in the foreign exchange market.

Sidi Ali further revealed that Nigeria’s foreign reserves had climbed above 52.5 billion US dollars as of July 17, 2026, describing it as the country’s highest reserve level in 17 years and above the CBN’s annual target.

She added that the spread between the official foreign exchange market and Bureau de Change rates had narrowed to below two per cent, indicating increasing stability in the foreign exchange market.

The apex bank spokesperson attributed the gains to key reforms, including the unification of the foreign exchange market, banking sector recapitalisation, introduction of the non-resident Bank Verification Number (BVN), the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and other liquidity management measures.

She said the reforms were designed to strengthen investor confidence, improve the financial system’s resilience, and position Nigeria for long-term economic growth.

The CBN Fair, held in Gombe under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” brought together stakeholders to discuss the Bank’s policies and receive feedback from the public.

The Controller of the CBN Gombe Branch, Alhaji Yunusa Buba Mubi, also described the fair as an interactive platform where the Bank sensitises citizens to its activities and receives feedback and suggestions from participants.

He encouraged members of the public to actively participate by asking questions and sharing their experiences with financial services.

Participants received presentations from six specialised departments of the Bank, covering consumer protection and financial inclusion, financial markets, supervision of other financial institutions, monetary policy, payment systems supervision, and currency operations.

The presentations focused on protecting financial consumers, strengthening payment systems, improving financial literacy, expanding access to banking services and enhancing public understanding of monetary policy.

The CBN expressed optimism that increased public awareness and greater adoption of digital payment channels would support financial inclusion and accelerate economic development across the country.