The Central Bank of Nigeria has credited recent foreign exchange market stability to improved foreign reserves and a moderation in inflation show that its monetary reforms are producing positive outcomes.

The CBN Governor, Olayemi Cardoso, stated this through the Acting Director of Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, at the CBN Fair held at the International Conference Centre in Gombe.

Cardoso said headline inflation declined from 15.93 per cent in May 2026 to 15.91 per cent in June, with reductions also recorded in core and food inflation. The CBN Governor attributed the developments to tighter monetary measures, exchange-rate reforms and improved market transparency.

He added that the naira has gained greater stability, with the difference between the official exchange rate and Bureau de Change rates narrowing to below two per cent, while Nigeria's foreign reserves rose above 52.5 billion dollars as of July 17, 2026, marking a 17-year high.