The Central Bank of Nigeria has reiterated its determination to boost productivity, strengthen financial inclusion, and deliver on its core mandate of monetary and price stability.
CBN Governor, Mr Olayemi Cardoso, made this known at the opening ceremony of the CBN Fair held at the Mineet Event Centre in Kano on Tuesday. He was represented by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali.
Cardoso noted that the reforms introduced by the apex bank under his leadership have already started producing tangible results, including higher inflows of foreign investment, improved trade balances, and significant progress in financial inclusion.
Highlighting some of the measures taken in the past two years, the governor said the bank had implemented exchange rate unification to minimise arbitrage opportunities and reduce volatility in the foreign exchange market.
He added that the CBN had successfully cleared over $7 billion in verified backlog of FX forwards, a move that has boosted investor confidence.
Other policies include the ongoing bank recapitalisation exercise aimed at strengthening the resilience and global competitiveness of Nigerian banks. This, according to him, is intended to prepare the financial system to support the Federal Government’s $1tn economy target.
The CBN has also introduced the non-resident Bank Verification Number (BVN) to enable Nigerians in the diaspora to connect more easily with the country’s banking system.
Cardoso further explained that the bank launched the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and strengthen Nigeria’s role in the global payments ecosystem.
To enhance transparency and protect consumers, the CBN rolled out the Unified Complaints Tracking System, which streamlines the management of complaints against financial institutions. Alongside this, the bank introduced a USSD code (*959#) for verifying licensed institutions.
“These initiatives are designed to strengthen consumer confidence and make the Nigerian financial system more transparent and efficient,” he said.
The theme of this year’s CBN Fair was “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.” Cardoso said the topic was carefully chosen to highlight the role of alternative payment platforms in catalysing small and medium-sized enterprises (SMEs) and other critical sectors in pursuit of price stability and economic growth.
He added that the fair was conceived as a platform to engage directly with members of the public on CBN policies and their impact. “The core objective of this engagement is to sensitise the public on how the bank’s policies enhance their lives and livelihoods while contributing to the growth and development of the Nigerian economy,” Cardoso stated.
In her remarks, the Acting Branch Controller of the CBN in Kano, Hajia Saudatu Mohammad, reaffirmed the bank’s strong commitment to financial inclusion, noting that this was a major reason for organising the fair. She said such engagements provide an avenue for the apex bank to explain its policies to Nigerians across all sectors while receiving valuable feedback.
The fair attracted participants from diverse sectors of the economy, including small businesses, traders, professionals, and civil society groups. Attendees had the opportunity to interact with CBN officials and learn more about policies related to exchange rate management, banking reforms, financial inclusion, and consumer protection.
