The Central Bank of Nigeria (CBN) has said Nigeria’s gross external reserves, which surpassed $55 billion as of September 18, 2026, alongside ongoing monetary and financial-sector reforms, are strengthening the resilience of the economy.
The Director, Stakeholder Engagement and Institutional Relations Department of the CBN, Mrs. Hakama Sidi Ali, disclosed this on Tuesday in Abuja while speaking at the CBN Special Day at the 21st Abuja International Trade Fair.
Sidi Ali said the reserves had reached their highest level in 18 years, attributing the growth to improved foreign exchange inflows following measures to encourage remittances, investments and greater participation in the formal financial system.
Speaking on the theme of the trade fair, “Resilience: Trade, Taxation and the Economy,” she said economic resilience had become increasingly important for businesses, institutions and governments operating in a changing economic environment.
According to her, resilient economies must be able to absorb shocks, recover from disruptions and take advantage of emerging opportunities. She said this required a productive private sector, efficient tax administration, a sound financial system and credible economic policies.
She said the CBN, in collaboration with fiscal authorities under the leadership of Governor Olayemi Cardoso, had introduced reforms aimed at strengthening macroeconomic stability, improving investor confidence and supporting sustainable economic growth.
Sidi Ali identified the unification of the foreign exchange market as one of the key reforms, saying it had contributed to greater stability, improved investor confidence and reduced distortions in the FX market.
She also cited the Payments System Vision 2028 and the recently concluded banking-sector recapitalisation as measures designed to strengthen Nigeria’s financial system and enhance its position in digital and cross-border payments.
On monetary policy, the CBN director said the bank had reduced the Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent and recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR.
She said the adjustment was aimed at supporting product
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