CBN Reaffirms Commitment to Price and Monetary Stability, Says Policies Are Delivering Results
The Central Bank of Nigeria (CBN) has restated its commitment to restoring and maintaining price and monetary stability across the nation, assuring that recent economic reforms are beginning to yield tangible results. Speaking in Uyo, Akwa Ibom State, the CBN Governor, Olayemi Cardoso, said the apex bank’s policies are steadily easing inflationary pressures and stabilizing the foreign exchange market after years of economic hardship for Nigerians.
Represented by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, Cardoso explained that key reforms, including the unification of exchange rates, have helped to reduce volatility in the forex market and clear over $7 billion in verified foreign exchange backlogs. He noted that the newly introduced BMatch System for forex trading has also enhanced transparency, improved price discovery, and ensured greater uniformity among market participants.
Highlighting the bank’s reform agenda, Cardoso said several initiatives are in motion to drive economic resilience and growth. These include the bank recapitalisation exercise, designed to strengthen the banking sector’s capacity to support a $1 trillion economy; the Nigeria Payments System Vision 2028 (PSV 2028), which aims to expand financial inclusion and digital transformation; and the Non-Resident BVN initiative, connecting Nigerians in the diaspora to home-based banking services. The CBN has also introduced a 75 per cent Cash Reserve Ratio (CRR) on non-TSA public sector deposits to enhance liquidity management and curb inflationary risks.
Cardoso emphasized that the CBN’s ultimate goal is to improve the lives of Nigerians by promoting financial literacy, ensuring fair access to financial services, and creating a stable economic environment. He urged citizens to handle the national currency with care, describing the Naira as a “critical national symbol” that should not be sprayed, mutilated, or counterfeited.
Earlier, the CBN Branch Controller in Uyo, Mrs. Njideka Nwabukwu, said the fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, aimed to engage the public on the Bank’s initiatives while collecting feedback for improved policy implementation. She reaffirmed the Bank’s commitment to supporting Akwa Ibom State’s economic aspirations through enhanced stakeholder engagement, financial education, and seamless service delivery.
source: punch