CBN committs to stimulating productivity, financial inclusiveness
The Central Bank of Nigeria (CBN) says it is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability.
The CBN Governor, Mr. Olayemi Cardoso stated this at the opening of the CBN Fair held at Mineet Event Centre in Kano on Tuesday.
Cardoso, represented by the CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, said these efforts of the bank’s management have already started yielding positive results, which include increases in inflows of foreign investments , positive trade balances and remarkable progress in financial inclusion.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system including Exchange rate unification to minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards,” he said.
Other policies were bank recapitalisation to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the 1trillion dollar economy in addition to launching the non-resident BVN to connect Nigerians abroad with home banking.
“The bank has also unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector,” she said.
“The theme of the fair “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” was carefully chosen to address the links that catalyse SMEs and other critical activities for the much needed price stability,” he said.
According to him, the fair was designed as a platform to interact with members of the public on the policies of the Apex bank for sustainable economic growth
“The core objective of this engagement, therefore, is to sensitize members of the public on how the Bank’s policies enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
In her remarks, the Acting branch Controller, CBN Kano, Hajia Saudatu Mohammad said the commuted to providing financial inclusion hence the decision to organize the fair.
A cross section of participants from all sectors of the economy attended the fair.
