Nigeria: CBN Reiterates Commitment to Economic Stability and Financial Inclusion

The Central Bank of Nigeria (CBN) has restated its determination to drive economic growth by fostering productivity, deepening financial inclusion, and safeguarding monetary and price stability as part of its broader mandate to strengthen the nation’s economy.

CBN Governor, Olayemi Cardoso, gave the assurance at the opening of the 2025 CBN Fair held at the Mineet Event Centre in Kano on Tuesday. He was represented by the Acting Director of Corporate Communications, Hakama Ali, who highlighted the fair as a platform for direct public engagement on the bank’s policies for sustainable growth and national development.

“The core objective of this engagement is to sensitise Nigerians on how the Bank’s policies improve lives, livelihoods, and overall economic growth,” Cardoso noted.

Over the past two years, the apex bank has introduced several landmark policies aimed at strengthening the financial system. These include the unification of exchange rates to curb arbitrage and reduce volatility in the foreign exchange market, and the recapitalisation of banks to enhance sector resilience and global competitiveness in support of Nigeria’s ambition to achieve a $1 trillion economy.

Other initiatives highlighted include the launch of the Non-Resident Bank Verification Number (BVN) to connect Nigerians in the diaspora with domestic banking services, and the rollout of the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, expand financial inclusion, and position Nigeria as a strong player in the global payments ecosystem.

To strengthen consumer protection, the CBN also introduced the Unified Complaints Tracking System, aimed at safeguarding bank customers and building greater trust in the financial sector.

This year’s fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” underscores the importance of digital payment innovations in boosting SMEs, enhancing financial access, and supporting economic stability.

In her welcome address, Hajiya Saudatu Muhammad, Acting Branch Controller of CBN Kano, described the event as a timely platform for Nigerians to interact directly with the apex bank and urged participants to apply the insights gained to strengthen financial institutions and support economic development.

The 2025 edition of the fair recorded strong participation from key stakeholders, including representatives of the Association of Mobile Money Operators, National Orientation Agency, Nigeria Security and Civil Defence Corps, the academia, Nigerian Army, commercial banks, business community, NYSC, and the media. The event also featured presentations on critical economic issues and an interactive Q&A session.