CBN restates pledge to deepen financial inclusion
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.
