Nigeria external reserves hit 52.52 billion dollars

Kiswahili

The Central Bank of Nigeria announced that foreign exchange reserves reached 52.52 billion dollars as of July 17. Governor Yemi Cardoso shared the update during a Monetary Policy Committee meeting in Abuja.

The reserves increased from 50.47 billion dollars at the end of May, driven by crude oil-related taxes and third-party inflows. Cardoso noted that the level covers about 11 months of imports, well above the global benchmark of three months.

The Monetary Policy Committee kept the Monetary Policy Rate steady at 26.5 per cent. Other rates, including the Cash Reserve Requirement for banks, also remained unchanged.

Headline inflation eased slightly to 15.91 per cent in June from 15.93 per cent in May. Food inflation rose to 17.52 per cent while core inflation fell to 15.92 per cent.

Real GDP grew 3.89 per cent in the first quarter of 2026, supported by the non-oil sector. The Purchasing Managers Index improved to 50.1 points in June.

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Photorealistic Nigerian market scene showing lower prices amid inflation drop
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