By Seun Ibiyemi
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have called for stronger financial reforms and regulatory collaboration to enhance the stability, resilience, and inclusiveness of Nigeria’s financial system.
The call was made on Thursday in Abuja during the Business, Economy and Financial Reporting Training for Journalists, organised by Premium Times Academy in partnership with the CBN.
The forum brought together financial experts, regulators, and journalists to examine trends and challenges in Nigeria’s financial landscape.
Speaking on the Overview of Nigeria’s Financial and Banking System, Mr. Fred Uloko of the NDIC described the financial sector as a cornerstone of national economic growth, enabling capital mobilisation, job creation, and financial inclusion.
He said the NDIC’s efforts, alongside the CBN, continue to strengthen financial system integrity through tighter supervision, compliance with the Basel Accords, and adherence to anti-money laundering (AML) and know-your-customer (KYC) requirements.
Uloko noted that the banking sector has made progress through digital transformation, mergers and acquisitions, and increased focus on environmental, social, and governance (ESG) principles.
However, he warned that non-performing loans, cyber threats, and weak infrastructure still pose major challenges.
On his part, Dr. Olubukola Akinwunmi, Director of Banking Supervision at the CBN, represented by Dr. David Adelana, reaffirmed the apex bank’s commitment to maintaining economic and financial stability through effective monetary policy and prudential oversight.
He highlighted recent CBN-led reforms including the Banks and Other Financial Institutions Act (BOFIA) 2020, the Foreign Exchange Market Conduct Code (2025), and the ongoing bank recapitalisation drive as measures designed to build confidence and improve system resilience.
Akinwunmi said the CBN would continue balancing inflation management with growth targets, deepen fintech integration, and strengthen foreign exchange stability to support the government’s economic diversification agenda.
Both the CBN and NDIC urged financial institutions to adhere strictly to regulatory standards while exploring digital innovation and regional expansion to sustain Nigeria’s economic growth.
They also called on journalists to promote transparency and accurate economic reporting to help the public better understand the country’s evolving financial reforms.