The Central Bank of Nigeria (CBN) says its monetary policies and reforms have started paying off, with inflation dropping to 15.91% in June from 15.93% in May, while both food and core inflation also moderated over the same period.
Speaking at the CBN Fair in Bauchi on Thursday, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, said the bank’s ongoing monetary reforms under Governor Olayemi Cardoso, are beginning to yield positive results, with the declining of headline inflation and the naira gaining stability.
Represented by the CBN Bauchi Branch Controller, Mr Micheal Dalyop, the apex ban spokesperson stated that while inflation is still high, the trend suggests the reforms are working.
“The CBN is maintaining a cautious stance, balancing inflation control with economic growth. External reserves have also improved, reaching $52.52 billion as of July 17, providing import cover of about eleven months,” she said.
According to her, the improvement reflects the impact of disciplined monetary tightening, exchange-rate reforms and enhanced transparency in the foreign exchange market.
Mrs Ali further revealed that Nigeria’s foreign reserves had climbed above $52.5 billion 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 CBN 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.
In his welcome remarks, the Controller of the CBN Bauchi Branch, represented by Assistant Director, Salahu Bello Mohammed, said initiatives and policies implemented by the CBN are aimed at empowering all economic agents; individuals, micro, small and medium enterprises and large businesses.
He called on the economic agents to utilise the opportunities available in the financial system, by embarking on productive activities, generate income, and contribute to the Gross Domestic Product (GDP) of the country.
“The successful conclusion of the banking sector recapitalisation exercise and the implementation of other policies, banks and other financial Institutions have been strengthened to support economic agents engaged in productive activities to grow their businesses and contribute to economic development of the country,” he said.
The branch controller stated that the Fair has brought together key stakeholders in the Nigerian economy, including consumers of financial services, providers of financial services, regulators, security agencies, and other stakeholders.
He added that the purpose is to sensitize the public on alternative payment channels and various opportunities available in the financial system.
Mohammed, therefore, advised the participants to make good use of the opportunity to interact with officials of various Departments of the CBN, banks and other Financial Institutions and obtain answers to all grey areas.
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.
