{"id":9447,"date":"2026-08-05T12:42:02","date_gmt":"2026-08-05T12:42:02","guid":{"rendered":"https:\/\/ograsset.com\/?p=9447"},"modified":"2026-08-05T12:42:03","modified_gmt":"2026-08-05T12:42:03","slug":"forex-stability-52-5bn-reserves-signal-nigerias-economic-recovery-cardoso","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/08\/05\/forex-stability-52-5bn-reserves-signal-nigerias-economic-recovery-cardoso\/","title":{"rendered":"Forex stability, $52.5bn reserves signal Nigeria\u2019s economic recovery – Cardoso"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Forex stability, $52.5bn reserves signal Nigeria\u2019s economic recovery<\/strong><\/p>\n\n\n\n

\u2013 Cardoso<\/strong><\/p>\n\n\n\n

The Central Bank of Nigeria on Tuesday said the recent stability in the foreign exchange market, rising foreign reserves and moderation in inflation are indications that its ongoing monetary reforms are beginning to yield positive results.<\/p>\n\n\n\n

The CBN Governor, Olayemi Cardoso, represented by the Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi-Ali, stated this at the CBN Fair held at the International Conference Centre, Gombe.<\/p>\n\n\n\n

The fair, organised under the theme, \u201cDriving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,\u201d was designed to deepen public understanding of the apex bank\u2019s policies and initiatives.<\/p>\n\n\n\n

Cardoso said headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also eased during the period.<\/p>\n\n\n\n

He attributed the development to what he described as \u201cdisciplined monetary tightening,<\/p>\n\n\n\n

exchange-rate unification and improved market transparency.\u201d<\/p>\n\n\n\n

According to him, the naira has also recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.<\/p>\n\n\n\n

Cardoso further disclosed that Nigeria\u2019s foreign reserves stood above $52.5 billion as of July 17,<\/p>\n\n\n\n

2026, describing the figure as a 17-year high and above the CBN\u2019s annual target.<\/p>\n\n\n\n

\u201cThe naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.<\/p>\n\n\n\n

\u201cThis is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,\u201d he said.<\/p>\n\n\n\n

The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.<\/p>\n\n\n\n

He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match system for foreign exchange trading and the Nigeria Payments System Vision 2028.<\/p>\n\n\n\n

He also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures aimed at improving liquidity management and reducing inflationary risks.<\/p>\n\n\n\n

Cardoso said the CBN had also collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, which he described as a benchmark for short- term funding transactions.<\/p>\n\n\n\n

He said the initiative was designed to provide a transparent, market-based reference rate and<\/p>\n\n\n\n

bring Nigeria\u2019s money market infrastructure closer to international best practices.<\/p>\n\n\n\n

Speaking on the theme of the fair, Cardoso said the CBN was focused on promoting alternative payment channels as part of efforts to deepen financial inclusion and support economic activities.<\/p>\n\n\n\n

He said the fair provided an opportunity for the apex bank to interact directly with citizens, businesses and other stakeholders, explaining its policies and obtaining feedback from the public.<\/p>\n\n\n\n

\u201cThe Fair is one of the Bank\u2019s platforms strategically designed to engage the public on the<\/p>\n\n\n\n

Bank\u2019s policies and initiatives,\u201d he said.<\/p>\n\n\n\n

According to him, the objective is to promote sustainable economic growth and development while obtaining practical suggestions from Nigerians on ways to improve livelihoods.<\/p>\n\n\n\n

He urged participants to take advantage of the engagement by asking questions and seeking<\/p>\n\n\n\n

clarification on the CBN\u2019s policies and programmes.<\/p>\n\n\n\n

\u201cOur dedicated team is ready to guide you through presentations on a variety of topics related to the Bank\u2019s operations, such as the protection of financial consumers, innovations in Nigerian payment systems, microfinance subsector activities, monetary policy instruments and processes, and everything you need to know about the naira,\u201d he said.<\/p>\n\n\n\n

He added, \u201cI, therefore, encourage all of you to engage actively and prepare your questions and<\/p>\n\n\n\n

concerns, which our team will address at the conclusion of the presentations.\u201d<\/p>\n\n\n\n

The apex bank also used the occasion to reiterate its warning against the abuse and misuse of the naira.<\/p>\n\n\n\n

Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank\u2019s verified<\/p>\n\n\n\n

platforms, while appealing to citizens to respect the national currency.<\/p>\n\n\n\n

She said, \u201cI also urge you to uphold the cleanliness and respect of the naira. It is prohibited to<\/p>\n\n\n\n

spray, hawk, mutilate or counterfeit the naira.\u201d<\/p>\n\n\n\n

She described the naira as \u201cnot only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.\u201d<\/p>\n\n\n\n

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, said the fair was part of the bank\u2019s calendar of activities aimed at bringing its policies and programmes closer to members of the public.<\/p>\n\n\n\n

Buba-Mubi said the engagement would provide an avenue for sensitisation as well as feedback from citizens and stakeholders.<\/p>\n\n\n\n

He said, \u201cThe CBN Fair is a calendar event where the CBN interacts with the public by way of sensitisation and feedback from the public during the engagement.\u201d<\/p>\n\n\n\n

He disclosed that a team from the CBN\u2019s Corporate Communications and Investor Relations<\/p>\n\n\n\n

Department had been deployed to conduct the sensitisation programme.<\/p>\n\n\n\n

He urged participants to pay attention to the presentations and use the opportunity to seek clarification on issues concerning the banking and financial system.<\/p>\n\n\n\n

\u201cI implore all of us to listen attentively, ask questions and provide feedback,\u201d he said.<\/p>\n\n\n\n

Source: https:\/\/punchng.com\/forex-stability-52-5bn-reserves-signal-nigerias-economic-recovery-<\/a> cardoso\/<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Forex stability, $52.5bn reserves signal Nigeria\u2019s economic recovery \u2013 Cardoso The Central Bank of Nigeria on Tuesday said the recent stability in the foreign exchange market, rising foreign reserves and moderation in inflation are indications that its ongoing monetary reforms are beginning to yield positive results. The CBN Governor, Olayemi Cardoso, represented by the Acting… <\/p>\n

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