Strengthened Banking Sector, Inclusive Policies Make $1trn Economy Realisable, Says Central Bank

The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has assured a positive outlook for the country’s economy with the ongoing monetary reforms under his watch in the past two years on the saddle.

Cardoso, who gave the indication on Tuesday at the opening of the CBN Fair, at Ibom Hall, IBB Way, Uyo, explained that it was a platform designed to interact with members of the public on the policies of the CBN, for sustainable economic growth and development of Nigeria.

Under the theme; “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the CBN chief, who was represented by the Director of Corporate Communications department, said it was deliberately captured “to address the links that catalyse critical activities for the much-needed price and monetary stability.”

Under his leadership, Cardoso, maintained that the apex bank was “firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability,” disclosing that these efforts were already yielding positive results, as evidenced by the steady drop in inflation and current stability in the foreign exchange market.

He listed his achievements in the last two years, including exchange rate unification, which minimised arbitrage opportunities and reduced volatility in the foreign exchange market, and clearing over $7 billion of verified backlog of forex forwards.

Others are bank recapitalisation to strengthen the resilience and global competitiveness of the banking sector in order to effectively position it to support the $1 trillion dollar economy, and the launch of the non-resident BVN to connect Nigerians abroad with home banking facilities.

He stated that the BMatch System for forex trading, which enhances market integrity and facilitates better price discovery, improves uniformity in trading, and ensures seamless operations among market participants, was also introduced during this period.

Cardoso also unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion and minimise downtime for faster and safer transactions as well as introduction of 75 per cent CRR on non-TSA public sector deposits aimed at enhancing liquidity management and mitigating potential inflationary pressures.

“This engagement is primarily to sensitise members of the public to how the Bank’s policies enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” he stressed.

In his remarks, the Branch Controller, Uyo, Njideka Nwabukwu, lauded the contributions of all the stakeholders, explaining, “a the apex financial institution, the CBN plays a critical role in shaping economic direction of our nation through strategic policies and regulatory frameworks towards enhanced payment systems, thereby promoting financial inclusion and supporting sustainable economic growth.”

“As you know, Branches play supportive roles in the achievement of the Bank’s mandate, by cascading and implementing policies, programmes and initiatives at the state and grassroots levels.

“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 stressed.