Six months into 2026, there is enough evidence to assess not merely what the Central Bank of Nigeria has done but also what its policies have achieved. The first half was less about introducing headline reforms than consolidating the monetary and foreign-exchange reset begun in 2023. Although high borrowing costs and the need for more productive investment remain concerns, the CBN’s defining achievement has been sustaining confidence in Nigeria’s macroeconomic management. That confidence is visible in capital flows, financial-market performance, international assessments, stronger reserves and banking-sector resilience.
Perhaps the clearest evidence is the return of capital. National Bureau of Statistics data show that capital importation rose to $10.37 billion in the first quarter of 2026, up 61 percent from $6.44 billion in the preceding quarter. Portfolio investment accounted for $9.86 billion, or more than 95 percent of the total. While portfolio flows can reverse more quickly than foreign direct investment, they are often an early indication that investors are regaining confidence in a country’s policy direction.
That optimism was also reflected in the capital market. The Nigerian Exchange’s All-Share Index rose by 45.95 percent in the first half, from 156,492.36 points to 228,401.92 points by June 29. Equities market capitalisation increased by ₦46.6 trillion, from ₦99.94 trillion to ₦146.56 trillion. These gains cannot be attributed to monetary policy alone, but improved foreign-exchange liquidity, a firmer naira and greater policy predictability supported investor appetite.
