New figures released by the Central Bank of Nigeria have shown that the economic reform agenda of the Tinubu administration is yielding results and strengthening the Nigerian economy.
According to the apex bank, Nigeria’s foreign reserves climbed to $55.25 billion as of September 18, 2026, the highest level in 18 years. The reserves are now sufficient to finance 11.3 months of imports of goods and services, underscoring improved external buffers.
The CBN also announced that the current account surplus rose by 67.92 per cent to $7.54 billion in the second quarter of 2026, up from $4.49 billion in the first quarter. Similarly, the balance of payments surplus increased from $2.38 billion to $3.51 billion over the same period.
The figures were contained in the communiqué from the 307th meeting of the Monetary Policy Committee held on Tuesday. The Committee also cut the benchmark interest rate to 23 per cent from 26.5 per cent to reset the Monetary Policy Rate and recalibrate the policy corridor.
CBN Governor Yemi Cardoso said the improvement in the country’s external position has contributed to greater stability in the foreign exchange market. He noted that foreign exchange pressures had receded significantly as Nigeria rebuilt its external buffers.
The development signals growing investor confidence and macroeconomic stability as the Federal Government’s reforms continue to bolster trade, strengthen reserves, and ease pressure on the naira.
