The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining monetary and financial system stability, pledging to sustain policies aimed at curbing inflation, ensuring price stability and supporting long-term economic growth.
The assurance was contained in a statement issued on Thursday following a one-day stakeholders’ fair held in Bauchi, where the apex bank engaged financial institutions, government agencies, security organisations and members of the public on its policies, financial inclusion initiatives and payment system reforms.
Speaking at the event, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, said the CBN remained focused on delivering its statutory mandate through sound monetary policies that promote macroeconomic stability.
Represented by the Bauchi Branch Controller of the bank, Michael Dalyop, Sidi-Ali said the reforms introduced under the current leadership were beginning to deliver measurable outcomes.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
According to the apex bank, Nigeria’s external reserves climbed above $52.5 billion as of July 17, 2026, representing the country’s highest reserve level in 17 years and surpassing the bank’s annual target.
The CBN attributed the increase to sustained foreign exchange inflows, renewed investor confidence and stronger participation across various asset classes, noting that the development reflects the positive impact of ongoing economic reforms.
The bank also highlighted improvements in inflation, revealing that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated.
Sidi-Ali credited the improvement to disciplined monetary tightening, exchange-rate unification and enhanced transparency in the foreign exchange market.
She added 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 it as evidence of increasing stability in the foreign exchange market.
The CBN said it had implemented several reforms over the past 34 months to create a stronger foundation for sustainable economic growth, job creation and poverty reduction.
Among the initiatives highlighted were the unification of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading platform and the Nigeria Payments System Vision 2028.
The bank also pointed to the introduction of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account public sector deposits as part of measures to improve liquidity management and reduce inflationary pressures.
In addition, the apex bank said it partnered with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent, market-based benchmark for short-term funding transactions in line with international best practices.
Speaking on the significance of the stakeholders’ fair, Sidi-Ali described it as one of the bank’s strategic platforms for promoting financial literacy, expanding financial inclusion and strengthening engagement with the public.
“The fair is one of the bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives,” she said.
She encouraged participants to engage with CBN officials on issues relating to financial consumer protection, innovations in the payment system, microfinance, monetary policy and currency management.
The apex bank also renewed its warning against the abuse of the naira, urging Nigerians to obtain information on its policies only from verified official platforms and to treat the national currency with dignity.
“I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira,” Sidi-Ali said, describing the currency as “an indispensable national symbol and a source of our collective pride.”
Earlier, the CBN Branch Controller in Bauchi, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s Strategy 2024–2028 was designed to achieve monetary, price and financial system stability while promoting inclusive growth and sustainable economic development.
He explained that the strategy seeks to expand access to financial services for individuals, small businesses and larger enterprises, creating opportunities for productive economic activities across the country.
Dalyop said reforms in the foreign exchange market had improved transparency, unified exchange rates and strengthened investor confidence, while the successful recapitalisation of the banking sector had positioned financial institutions to better support businesses and economic expansion.
He added that the stakeholders’ fair was designed to increase awareness of alternative payment channels and other opportunities within Nigeria’s financial system.
The CBN urged Nigerians to take advantage of formal banking services rather than keeping large sums of cash at home, stressing that wider financial inclusion remains critical to achieving sustainable economic development.