The Central Bank of Nigeria (CBN) has engaged stakeholders on measures to strengthen the resilience, integrity and inclusiveness of the country’s financial system as part of efforts to promote sustainable economic growth.
The Director, Stakeholder Engagement and Institutional Relations Department of the CBN, Mrs Hakama Sidi Ali, stated this at the CBN Listens Programme held in Ibadan, Oyo State, on Thursday.
The programme, themed, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” provided a platform for citizens, businesses and institutions to discuss monetary and financial policies and offer feedback to the apex bank.
Sidi Ali described the programme as one of the bank’s flagship stakeholder engagement platforms, designed to deepen public understanding of its policies, promote constructive dialogue and strengthen collaboration between the CBN and stakeholders.
She said effective policy formulation and implementation required continuous engagement, public confidence and mutual understanding, adding that the bank remained committed to reforms aimed at restoring macroeconomic stability, strengthening financial markets and deepening financial inclusion.
According to her, the CBN, under the leadership of Governor Olayemi Cardoso, has implemented several reforms to improve transparency, strengthen the financial system and boost confidence in the Nigerian economy.
She identified the unification of foreign exchange rates and the introduction of the Bloomberg BMatch trading system as measures taken to improve transparency, efficiency and confidence in foreign exchange transactions.
The director also highlighted the successful completion of the banking sector recapitalisation programme, saying it had strengthened the capital base, capacity and competitiveness of Nigerian banks to support economic growth and development.
Other initiatives she highlighted included the introduction of the Non-Resident Bank Verification Number (NRBVN) to improve access to banking services for Nigerians in the diaspora, the Nigeria Payments System Vision 2028 and measures to strengthen liquidity management and monetary policy transmission.
She also cited the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of efforts to improve liquidity management and mitigate inflationary pressures.
Sidi Ali said the introduction of the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, would provide a transparent, market-based reference rate for short-term funding transactions.
On financial inclusion, she said the CBN would continue to work with financial institutions, financial technology companies, mobile money operators, development partners and state governments to extend financial services to underserved and unserved communities.
She described financial inclusion as a critical pillar of national development, noting that improved access to financial services could stimulate entrepreneurship, reduce poverty and expand economic opportunities.
Sidi Ali urged participants to use the engagement to express their concerns and make recommendations on the bank’s policies, assuring them that their contributions would inform future engagements and improve the effectiveness of its interventions.
“The Central Bank of Nigeria values your diverse perspectives, experiences, concerns, and recommendations. Your contributions today will help shape future engagements and strengthen the effectiveness of our policy interventions,” she said.
She reaffirmed the bank’s commitment to sustaining reforms that would strengthen monetary and financial system stability, deepen inclusion and improve public confidence.
The programme attracted representatives of the Oyo State Government, traditional rulers, community leaders, financial institutions, market and trade associations, professional bodies, academia, civil society organisations, the media and CBN officials.
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