CBN Enlightens Kano Residents About New Banking Initiatives

The Central Bank of Nigeria (CBN)  has reiterated the need for the public to continue to exploit the new banking initiatives put in place to ensure the ease, safety, and security of financial transactions.

At a ‘CBN Fair’ held in Kano on Tuesday, with the theme “Driving Alternative Payment Channels As Tools For Financial Inclusion Growth and Accelerated Economic Development” the CBN also enlightened participants about the need to embrace its cashless policy and know their rights as customers.

With participants at the fair from different stakeholders across the state, including market organisations, students, commercial banks, as well as finance agents, the CBN also made it public that they were entitled to recovery where their funds were stuck in the banks during transactions.

The CBN further mentioned the need for the Nigerian public to respect Nigeria’s currency by avoiding mutilating, abusing or making counterfeit copies of it, even as it is being reduced from circulation with the advent of the new banking initiatives.

Speaking on behalf of the CBN, the acting director of the Corporate Communications Department, Hakama Sidi Ali, explained the policies spearheaded by the governor, Olayemi Cardoso, saying they had strengthened the country’s financial system.

“Exchange rate unification: To minimise arbitrage opportunities and reduce volatility in the foreign exchange market, and cleared over $7 billion verified backlog of FX forwards.

“Bank Recapitalisation: To strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion economy.

“Launched the non-resident BVN to connect Nigerians abroad with home banking.

“Unveiled the Nigeria Payments System Vision 2028 (PSV 2028): To accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments,” she stated.

The one-day event also gave participants the opportunity to enquire more about issues regarding the cashless system, which is described as providing better access to economic and financial development.