CBN Reaffirms Commitment to Financial Inclusion, Price Stability

The Central Bank of Nigeria (CBN) has restated its commitment to driving financial inclusion, stimulating productivity, and delivering on its core monetary and price stability mandate.

Speaking at the CBN Fair in Lagos, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the Bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali, said the event was designed to engage the public and critical stakeholders on the apex bank’s policies for sustainable economic growth and development.

According to her, the fair’s theme was “very apt” as it underscored the need to boost value addition and strengthen the linkages that drive small and medium enterprises (SMEs) and other economic activities towards achieving price stability.

“In recent times, our efforts have contributed to a significant increase in foreign investment inflows, positive trade balances, and a notable leap in Nigeria’s financial inclusion rate,” she stated.

Highlighting policy measures rolled out in the past 22 months, Sidi-Ali listed the unification of exchange rates to reduce arbitrage opportunities, clearance of over $7 billion in verified backlog of forex forwards, and the launch of the Nigerian Forex Exchange Code to promote ethical standards in the forex market.

Other initiatives include the ongoing bank recapitalisation exercise to strengthen the sector’s resilience and global competitiveness, the introduction of the Non-Resident National Identification Number (NRN) to connect Nigerians abroad with home banking services, and the creation of the Unified Complaints Tracking System alongside a USSD code to verify licensed financial institutions.

Sidi-Ali emphasised that the CBN will continue to ensure the availability of clean naira notes while urging Nigerians to treat the currency respectfully as a symbol of national identity. “Do not hoard, mutilate, counterfeit, or damage the naira,” she appealed.

She disclosed that the fair would feature presentations on the Bank’s role in the microfinance sub-sector, consumer rights protection, payment system innovations, and recent foreign exchange market developments.

The CBN spokesperson encouraged participants to engage actively and ask questions to understand better how the Bank’s policies and innovations can improve their livelihoods and contribute to national economic growth.