The Central Bank of Nigeria (CBN) says its ongoing monetary and foreign exchange reforms are yielding positive results, with the gap between the official naira exchange rate and Bureau de Change (BDC) rates narrowing to below 2%, while the country’s external reserves have risen above $52.5 billion.
The disclosure was made on Tuesday by the CBN Governor, Olayemi Cardoso, who was represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, during the CBN Fair held in Gombe.
According to the apex bank, the improvement reflects the impact of monetary tightening, exchange rate reforms and measures introduced to improve transparency in the foreign exchange market.
Cardoso stated that the disparity between the official and parallel market exchange rates has reduced significantly since the commencement of the CBN’s reform programme in 2023.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said.
He added that Nigeria’s external reserves have climbed above $52.5 billion as of July 17, 2026, surpassing the CBN’s annual target and marking the country’s highest reserve level in about 17 years.
According to the governor, the growth in reserves has been driven by sustained foreign exchange inflows and renewed investor confidence in the Nigerian economy.
The CBN also cited easing inflationary pressures, improved stability in the foreign exchange market and stronger external reserves as evidence that its ongoing monetary reforms are beginning to deliver the desired outcomes.
