Nigeria reforms are to refocus financial stability, stimulate productivity—CBN

Central Bank of Nigeria said it’s pursuing economic reforms aimed at refocusing financial system stability and stimulating productivity. The CBN governor, Olayemi Cardoso, who said this on Tuesday at its fair, held in Kano, said the bank is working hard to deepen financial inclusion and sustain monetary and price stability. The theme of the fair is “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.” Speaking through Hakama Sidi, Acting Director of CBN Corporate Communications Department, Mr Cardoso said the role of small and medium enterprises (SMEs) and other key sectors in economic growth cannot be ignored. According to the CBN governor, the bank is to further pursue macroeconomic resilience, including a banking recapitalisation programme to strengthen institutions and foreign exchange market reforms to unify exchange rates, improve transparency, and attract foreign investment.
He listed other initiatives to involve catalysing specialised financial institutions, developing new regulatory frameworks, enhancing payment systems, and de-risking credit for key sectors like housing, food, and healthcare to unlock growth and promote financial inclusion. Mr Cardoso said the bank had launched Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation and deepen financial inclusion and introduced the Unified Complaints Tracking System (UCTS). He said these would protect customers and boost confidence in the financial sector.
The CBN governor urged Nigerians to respect the Naira by avoiding spraying, hawking, mutilation or counterfeiting, describing it as a vital national symbol. He encouraged participants to actively engage in the sessions and ask questions, which would be addressed by the CBN team.
On his part, the Acting Divisional Head of Other Financial Institutions, Mission Department CBN in Kano, Aliyu Abubakar, said that globally, economic trends continued to underscore the importance of such institutions. He said, “Those who cannot obtain services from commercial banks have only one alternative, the microfinance banks.’’
Also speaking, President of the Association of Mobile Money Operators of Nigeria, Salihu Umar, commended CBN for organising the fair, saying it would provide an important platform to showcase alternative payment solutions and promote financial inclusion. He said it would expand access to financial services for underserved communities and contribute to Nigeria’s overall economic growth. NAN