Cardoso Credits Policy Reforms for Stronger Reserves, Stable FX Market, Lower Inflation, Others

James Emejo in Abuja

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday said monetary and foreign exchange reforms introduced by the bank helped to restore investor confidence and attract sustained capital inflows that have significantly strengthened the country’s external reserve position.

He said the reforms also improved macroeconomic stability, moderated inflation and stabilised the Naira, the bank noted.

The apex bank governor spoke at the CBN Fair held at the International Conference Centre in Gombe.

Represented by CBN acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, he said the sustained growth in the country’s reserves was driven by stronger foreign exchange inflows and increasing investor confidence in economic management.

He added the reforms initiated under his watch were beginning to yield measurable results.

Specifically, the reforms have helped external reserves surpass its annual target, climbing above $52.5 billion as of July 17, 2026 – the highest level recorded in 17 years.

According to the CBN, the reserve accretion reflected renewed foreign investor participation across multiple asset classes, supported by improved transparency in the foreign exchange market and disciplined monetary policy.

He said the gains are evident in improved macroeconomic stability, easing inflationary pressures and stronger confidence in the foreign exchange market.

The CBN governor noted that headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated, attributing the trend to disciplined monetary tightening, exchange-rate unification and enhanced market transparency.

He further stated that the Naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing the development as a clear indication of improving stability in the foreign exchange market.

The apex bank boss highlighted several reforms implemented over the past 34 months, including the ongoing banking sector recapitalisation programme, the launch of the non-resident Bank Verification Number (BVN), deployment of the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate benchmark.

He alao reaffirmed the CBN’s commitment to sustaining monetary and price stability through policies that support investment, deepen financial markets and promote long-term economic growth.

Earlier, the Branch Controller of the CBN Gombe Branch, Mr. Yunusa Buba Mubi, described the CBN Fair as an annual public engagement platform aimed at educating Nigerians on the Bank’s policies while providing stakeholders the opportunity to ask questions and offer feedback.

He encouraged participants to actively engage during the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.