CBN deploys technology to eliminate sharp practices, enhance market transparency
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that the apex bank is leveraging technology to eliminate sharp practices and entrench transparency across Nigeria’s financial markets.
Cardoso made this disclosure during a fireside chat at his inaugural lecture series at the Lagos Business School (LBS), themed “Next Generation Leadership in Monetary Policy and Nation Building.”
The Governor explained that a key innovation under his leadership is a new electronic matching system designed to ensure openness and fairness in market operations.
“The CBN has adopted a new electronic matching system that makes market activities open and transparent,” Cardoso said.
He stressed that technology is now a vital tool in the effort to restore credibility and integrity to Nigeria’s financial system, noting that transparency is essential for building investor confidence.
Cardoso recalled that when he assumed office in 2023, the foreign exchange market lacked trust and was riddled with challenges.
He claimed that a combination of policy reforms and digital innovation has since restored order and confidence.
Evidence of this progress, according to the Governor, includes Nigerians now being able to use their Naira debit cards abroad again, alongside the clearance of verified foreign exchange backlogs, which were estimated at over $7 billion.
He added that the CBN also resumed publishing its audited financial statements after several years, underscoring a renewed commitment to accountability.
Cardoso highlighted recent economic indicators showing positive trends, noting that Nigeria’s external reserves have risen above $42 billion.
He also stated that inflation, which peaked at nearly 35 per cent, has moderated to about 20 per cent, and the nation’s GDP expanded by 4.2 per cent in the second quarter of 2025.
Beyond technological reforms for market stability, the CBN, Cardoso revealed, is investing in financial inclusion and digital innovation to empower young Nigerians and small businesses. Access to financial services through mobile and agency banking increased from 56 per cent in 2020 to over 64 per cent in 2025, as part of efforts to bring more people into the formal economy.
The Governor stressed that the use of technology in central banking goes beyond transparency, with digital platforms rapidly redefining payments, savings, credit, and investments.
“Fintech and digital finance are reshaping how people interact with money, and as regulators, we must stay ahead by ensuring that innovation aligns with stability and trust,” he cautioned.
Earlier, the Dean of Lagos Business School, Prof. Olayinka David-West, commended the CBN’s collaboration with the institution.
Cardoso concluded by urging young leaders to embrace credibility and discipline, stating that integrity remains the foundation for sustainable national development.