Nigeria’s foreign exchange reserves reach $52.52 billion, says CBN governor Cardoso

Yemi Cardoso, governor of the Central Bank of Nigeria, announced on Tuesday in Abuja that the country’s external reserves have risen to $52.52 billion as of 17 July, up from $50.47 billion at the end of May. The increase, he explained, stems mainly from crude‑oil tax receipts and inflows from third parties, giving Nigeria enough cover for roughly eleven months of imports, well above the three‑month benchmark used internationally.

During the 306th Monetary Policy Committee meeting, the board kept the Monetary Policy Rate at 26.5 percent and maintained the standing facilities corridor at +50/‑450 basis points. Cash reserve requirements were left unchanged at 45 percent for deposit‑money banks, 16 percent for merchant banks and 75 percent for non‑TSA public‑sector deposits.

Cardoso noted that headline inflation eased marginally to 15.91 percent in June from 15.93 percent in May, ending a three‑month streak of rising prices. The dip was attributed to lower non‑food inflation, while food prices rose to 17.52 percent due to supply constraints. Core inflation fell to 15.92 percent and the 12‑month average declined to 17.63 percent, marking the sixth consecutive month of moderation.

He added that real GDP grew 3.89 percent in the first quarter of 2026, driven by a resilient non‑oil sector that expanded by 3.94 percent, whereas oil‑related output slowed to 2.57 percent. The composite PMI improved to 50.1 in June, suggesting strengthening activity. Cardoso projected continued growth and further inflation easing, while warning that an extended Middle‑East conflict remains a key risk to the outlook.