The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said the apex bank will keep refining the Non-Resident Bank Verification Number (NRBVN) platform to enhance foreign exchange inflows into the country. Cardoso, who stated this while reflecting on critical steps taken so far to build a pragmatic, forward-looking and people centric central bank, said:
“Whether deepening Nigeria’s global financial relationships or consolidating vital domestic reforms, our focus remains clear: to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability. “A key milestone came on May 13 with the launch of the Non-Resident Bank Verification Number (NRBVN) platform, developed in partnership with @NIBSS_NG.
This is a breakthrough for Nigerians in the diaspora, enabling secure, remote BVN registration and removing long-standing barriers to financial inclusion.
“Our goal is to keep refining the platform to help us meet our broader remittance targets, while ensuring that KYC and AML safeguards remain firmly in place.”
The apex bank boss, who stated these via his personal X handle, also recalled that just days later, at the 300th meeting of the Monetary Policy Committee (May 19– 20), “we unanimously agreed to maintain all key policy parameters: the Monetary Policy Rate at 27.5 per cent, the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, and the Liquidity Ratio at 30 per cent.
“This decision reflects our resolve to consolidate recent gains in macroeconomic stability. Encouraging signs continue to emerge: inflation is showing signs of moderation, foreign exchange markets are stabilizing, and external reserves are strengthening, even as we remain vigilant to risks in food and energy prices and global demand conditions.
“Beyond policy, we convened a strategic board retreat in Akwa Ibom State under the theme “Consolidating the CBN Transformation Journey: People, Governance, Process, and Technology Imperatives.” It was a timely pause for reflection and realignment, ensuring that our reform agenda evolves into a sustainable institutional culture.
“Our discussions focused on strengthening internal capacity: cultivating leadership pipelines, embedding stronger governance, streamlining processes, and accelerating digital transformation, all aimed at delivering with greater consistency, agility, and integrity.”
Attributing recent honours rewarding reforms, Cardoso said: “Recognition of this work has come from several quarters. It was a privilege to receive the Award for Transformative Leadership at the 2025 @ Nairametrics Capital Market Choice Awards, and a proud moment for the institution as the Central Bank of Nigeria was named “Market Reform Initiative of the Year.”
