CBN Governor, Olayemi Cardoso
The Central Bank of Nigeria has highlighted foreign exchange market reforms, banking sector recapitalisation, and financial inclusion as key measures to strengthen the country’s financial system and promote sustainable economic growth.
The Director of the CBN’s Stakeholder Engagement and Institutional Relations Department, Hakama Sidi Ali, disclosed this at the bank’s CBN Listens Programme, held in Ibadan, Oyo State, on Thursday.
Speaking on the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” Sidi Ali said the apex bank remained committed to monetary and financial system stability.
She said, “The reforms introduced under the leadership of the CBN Governor, Olayemi Cardoso, are aimed at strengthening financial markets, improving transparency, deepening financial inclusion, and positioning the country for sustainable economic growth.
“The measures include the unification of foreign exchange rates, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, and the B-Match system for foreign exchange trading.”
Other initiatives, she said, included “The Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate, developed in collaboration with the Financial Markets Dealers Association.
“The NOFR provided a transparent, market-based benchmark for short-term funding transactions, bringing Nigeria’s money market infrastructure closer to international best practices.”
She also identified the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as one of the measures adopted by the bank to improve liquidity management and mitigate inflationary risks.
The CBN director said, “The banking sector recapitalisation had strengthened the capacity, resilience and competitiveness of financial institutions, while other reforms were designed to improve confidence in the financial system.”
On financial inclusion, she said sustainable economic growth could not be achieved without expanding access to financial services, particularly for underserved and unserved communities.
“Economic growth cannot be sustainable unless it is inclusive,” she said, describing financial inclusion as a critical pillar of national development.
She added that the CBN was working with financial institutions, financial technology companies, mobile money operators, development partners and state governments to extend financial services to more Nigerians.
According to her, expanding access to financial services would create economic opportunities, support entrepreneurship, reduce poverty and promote shared prosperity.
Explaining the importance of the CBN Listens Programme, Sidi Ali said the initiative provided a platform for the bank to engage stakeholders, explain its policies, address misconceptions and receive feedback on issues affecting individuals, businesses and communities.
She said continuous engagement with stakeholders remained essential to building a resilient financial system capable of supporting Nigeria’s economic development.