The Central Bank of Nigeria (CBN) has reassured Nigerians of its commitment to implementing policies and reforms aimed at achieving much-needed price and monetary stability across the country.
Speaking in Uyo on Tuesday at a CBN Fair themed, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, CBN Governor Mr Olayemi Cardoso stated that some monetary policies of the Bank had already started yielding positive results, evident in the steady ease of inflation and stability in the foreign exchange market.
Speaking through Mrs Hakama Sidi Ali, Acting Director, Corporate Communications Department, CBN, the Governor highlighted that the exchange rate unification policy has reduced volatility in the foreign exchange market and cleared over $7 billion of verified backlog in FOREX forwards.
Cardoso noted that the BMatch System for forex trading has strengthened market integrity, facilitated better price discovery, and improved uniformity in trading, ensuring seamless operations among market participants.
Other initiatives aimed at promoting economic growth and stability include:
Bank recapitalisation to strengthen the resilience and global competitiveness of the banking sector in support of Nigeria’s $1 trillion economy.
Non-resident BVN to connect Nigerians abroad with home banking facilities.
Nigeria Payments System Vision 2028 (PSV 2028), expected to accelerate digital transformation, broaden financial inclusion, and minimise downtime for faster, safer transactions.
Introduction of 75 per cent CRR on non-TSA public sector deposits, aimed at enhancing liquidity management and mitigating potential inflationary pressures.
While emphasising the purpose of the Fair to sensitise the public on the Bank’s policies and improve livelihoods, Cardoso urged Nigerians to respect the Naira.
“Do not spray, hawk, mutilate or counterfeit the Naira. It is our critical national symbol,” he warned.
Earlier, in her welcome address, CBN Uyo Branch Controller Njideka Nwabukwu stated that the Fair provides a platform to sensitise the public on the Bank’s initiatives while gathering valuable feedback to improve service delivery and policy implementation.
Nwabukwu also pledged the branch’s commitment to supporting the economic aspirations of Akwa Ibom State through stakeholder engagement, financial literacy campaigns, and seamless service delivery.
She added, “Through strategic policies and regulatory frameworks, the Bank continues to enhance payment systems, thereby promoting financial inclusion and supporting sustainable economic growth.”
