The Central Bank of Nigeria (CBN) has reaffirmed its commitment to sustaining monetary policies and economic reforms introduced by President Bola Tinubu, assuring that the measures are already yielding positive results in stabilising the economy.
CBN Governor, Olayemi Cardoso, who made the disclosure in Uyo, Akwa Ibom State, said recent indicators point to a gradual ease in inflation and noticeable stability in the foreign exchange market.
Speaking at the CBN Fair themed ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,’ Cardoso said the bank remains resolute in achieving price and monetary stability necessary to drive sustainable growth.
Represented by the Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, the CBN Governor noted that the exchange rate unification policy has not only reduced volatility in the forex market but has also cleared over $7 billion of verified forex forwards backlog.
‘The B-Match system for forex trading has strengthened market integrity and facilitated better price discovery. This initiative is expected to improve uniformity in trading and ensure seamless operations among market participants,’ he explained.
Cardoso listed other key initiatives of the apex bank to include the ongoing bank recapitalisation drive, designed to bolster the resilience and global competitiveness of Nigerian banks, positioning them to support the administration’s target of a $1 trillion economy.
He also cited the introduction of the non-resident BVN scheme to connect Nigerians abroad with home banking services, and the Nigeria Payments System Vision 2028 (PSV 2028), which seeks to accelerate digital transformation, broaden financial inclusion and ensure faster, safer transactions.
According to him, the recent introduction of a 75 per cent Cash Reserve Ratio (CRR) on non-TSA public sector deposits is aimed at enhancing liquidity management and mitigating inflationary pressures.
Explaining the rationale behind the CBN Fair, Cardoso said it was designed to sensitise Nigerians on the Bank’s policies, promote financial literacy, and deepen understanding of reforms that impact livelihoods.
He appealed to the public to respect the Naira, describing it as a vital national symbol.
‘I encourage you to respect and keep the Naira clean. Do not spray, hawk, mutilate or counterfeit the Naira,’ he said.
Earlier in her remarks, the CBN Branch Controller in Uyo, Mrs Njideka Nwabukwu, said the fair was also a feedback platform to gauge public perception and strengthen stakeholder engagement.
She reaffirmed the Bank’s commitment to supporting Akwa Ibom State’s economic aspirations through financial inclusion drives, literacy campaigns, and effective service delivery.
‘Through strategic policies and regulatory frameworks, the Bank continues to enhance payment systems, promote financial inclusion and support sustainable economic growth,’ Nwabukwu added.