The Central Bank of Nigeria (CBN) on Tuesday assured Nigerians of its commitment to ensuring that the recent policies and reforms would ensure price and monetary stability in the country.
The apex bank governor, Olayemi Cardoso, in his address delivered at a Fair held in Uyo, Akwa Ibom State, with the theme ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development’, said some of the monetary policies had started yielding positive results, including the easing of inflation and current stability in the foreign exchange market.
Cardoso, who was represented at the forum by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, maintained that the Exchange rate unification policy had not just reduced volatility in the foreign exchange (FX) market but helped in clearing over $7bn of verified backlog of forex forwards.
According to him, the BMatch System for forex trading has strengthened market integrity and facilitated better price discovery, adding that the initiative was expected to improve uniformity in trading and ensure seamless operations among market participants
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The banker spoke on other initiatives of the apex bank intended to bring about economic growth and stability, including the Bank Recapitalisation aimed at strengthening the resilience the nation banking system to support the $1 trillion economy target and global competitiveness.
He said: “Non-resident BVN to connect Nigerians abroad with home banking facilities, Nigeria Payments System Vision 2028 (PSV 2028), which is expected to accelerate digital transformation, broaden financial inclusion, and minimize downtime for faster and safer transactions; introduction of 75 per cent CRR on non-TSA public sector deposits-aimed at enhancing liquidity management and mitigating potential inflationary pressures.”
The governor explained that the forum was organized to sensitise the public on the bank’s policies, enhance their lives and contribute to the nation’s sustainable economic growth.
Cardoso charged the participants not to abuse Naira but to respect and keep the Naira clean and not spray, hawk, mutilate, or counterfeit the currency being a critical national symbol.
