The Central Bank of Nigeria (CBN) has restated its resolve to strengthen financial inclusion, boost productivity, and sustain monetary and price stability as part of its economic reform drive.
CBN Governor, Mr. Olayemi Cardoso, gave the assurance on Tuesday at the opening of the CBN Fair held at the Mineet Event Centre in Kano. He was represented by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali.
Cardoso explained that ongoing reforms under his leadership are already yielding results, including increased foreign investment inflows, improved trade balances, and significant strides in financial inclusion.
He highlighted some of the key measures introduced in the past two years, such as the unification of exchange rates to curb arbitrage and reduce volatility in the foreign exchange market. He also noted that the apex bank has cleared over $7 billion in verified FX forward backlogs, a move that has boosted investor confidence.
According to him, the ongoing bank recapitalisation exercise will enhance the resilience and global competitiveness of Nigerian banks, positioning the financial system to support the Federal Government’s $1 trillion economy target.
The CBN, he added, has also introduced the non-resident Bank Verification Number (BVN) to connect Nigerians in the diaspora more easily with the banking system, while the Nigeria Payments System Vision 2028 (PSV 2028) was launched to accelerate digital transformation, deepen inclusion, and enhance Nigeria’s role in the global payments ecosystem.
To improve transparency and protect consumers, Cardoso revealed that the bank has rolled out a Unified Complaints Tracking System for managing grievances against financial institutions, alongside a USSD code (*959#) for verifying licensed operators.
“These initiatives are designed to strengthen consumer confidence and make the Nigerian financial system more transparent and efficient,” he said.
This year’s CBN Fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, was conceived as a platform to directly engage Nigerians on the impact of the apex bank’s policies.
In her remarks, the Acting Branch Controller of CBN Kano, Hajia Saudatu Mohammad, said the fair underscores the bank’s commitment to financial inclusion. She noted that such engagements allow the CBN to enlighten Nigerians across different sectors while gathering valuable feedback.
The fair brought together participants from diverse sectors—small businesses, traders, professionals, and civil society groups—who interacted with CBN officials on policies relating to exchange rate management, banking reforms, inclusion, and consumer protection.
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