Onanuga hails CBN figures, says economic reforms are strengthening Nigeria’s economy

Business, Economy & Policy

ABUJA, Nigeria (NPA) — Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, has welcomed the latest economic figures released by the Central Bank of Nigeria (CBN), saying they indicate progress in the Federal Government’s economic reform agenda.

In a statement on Tuesday, Onanuga highlighted five key figures from the communiqué of the 307th meeting of the CBN Monetary Policy Committee (MPC).

He said the figures showed improvements in Nigeria’s external position and monetary policy environment.

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According to Onanuga, the highlights include:

• Nigeria’s foreign reserves rose to $55.25 billion as of September 18, 2026, which he described as the highest level in 18 years.
• The reserves are sufficient to finance 11.3 months of imports of goods and services.
• The current account surplus increased by 67.92 per cent, from $4.49 billion in the first quarter to $7.54 billion in the second quarter of 2026.
• The balance of payments surplus rose from $2.38 billion to $3.51 billion over the same period.
• The CBN reduced the benchmark interest rate to 23 per cent from 26.5 per cent, as part of the resetting of the Monetary Policy Rate (MPR) and recalibration of the policy corridor.

Onanuga said the figures reflected an improvement in Nigeria’s external position.

“According to CBN, the current account surplus increased from $4.49 billion in the first quarter to $7.54 billion in the second quarter. In comparison, the balance of payments surplus rose from $2.38 billion to $3.51 billion over the same period,” he said.

He said the figures were contained in the communiqué issued after the MPC meeting.

Onanuga also quoted CBN Governor Olayemi Cardoso as saying the improvement in Nigeria’s external position had contributed to greater stability in the foreign exchange market.

According to him, Cardoso said foreign exchange pressures had receded significantly as Nigeria rebuilt its external buffers.

The CBN’s official statistics database provides data on Nigeria’s external reserves, balance of payments and other monetary and economic indicators.