The Central Bank Governor, Mr Olayemi Cardoso has attributed the stability of both the Inflation and foreign exchange market rates to the bank’s policies on sustainable economic growth and development.
Mr Cardoso spoke on Tuesday during the Central Bank of Nigeria (CBN) fair with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” in Uyo, the Akwa Ibom State Capital.
“The Management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability.
“These efforts are already yielding positive results, as evidenced by the steady inflation and current stability in the foreign exchange market,” he stated.
Represented by the Acting Director, Corporate Communications Department, CBN, Mrs Hakama Sidi Ali, the governor stated that the fair was designed to sensitize the public on how the bank’s policies can enhance their lives and livelihood, and contribute to the growth and development of the economy.
Cardoso mentioned that one of the policies: the exchange rate unification policy has reduced volatility in the foreign exchange market and cleared over $7 billion dollars of verified backlog of forex forwards.
The Governor explained that the bank recapitalisation policy has strengthened the resilience and global competitiveness of the banking sector, and positioned it to support the $1 trillion dollar economy.
He listed other key policies to include: the non-resident BVN to connect Nigerians abroad with home banking facilities; BMatch System for forex trading aimed to enhance market integrity and facilitate better price discovery.
He said the Nigeria Payments System Vision 2028 (PSV 2028) policy aims to accelerate digital transformation, broaden financial inclusion and minimize downtime for faster and safer transactions; and the 75 per cent CRR on non-TSA public sector deposits was designed to enhance liquidity management and mitigating potential inflationary pressures.
While speaking, the Branch Controller, CBN, Uyo, Mrs Njideka Nwabukwu said the fair was timely and significant, as it would enable the CBN to engage directly with customers and stakeholders in the state and receive valuable feedback that will help it improve service delivery and policy implementation.
Nwabukwu said the CBN’s role in shaping economic direction for the nation through strategic policies and regulatory frameworks would enhance payment systems, promote financial inclusion and support sustainable economic growth.
“Uyo Branch remains committed to upholding the mandate of CBN, while supporting the economic aspirations of Akwa Ibom State through effective stakeholder’s engagement, financial literacy campaigns, and seamless service delivery,” she said.
