Nigeria: CBN Reaffirms Commitment to Price and Monetary Stability — Cardoso

The Central Bank of Nigeria (CBN) has reiterated its commitment to restoring price and monetary stability through the sustained implementation of policy reforms aimed at easing inflationary pressures and strengthening the naira.

Speaking in Uyo, Akwa Ibom State, during the CBN Fair themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” Governor Olayemi Cardoso assured Nigerians that the bank’s policy measures were beginning to yield positive results.

Represented by Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department, Cardoso said recent indicators point to a gradual easing of inflation and a more stable foreign exchange market.

“The CBN remains fully committed to ensuring price and monetary stability. Some of our policies are already producing encouraging outcomes, as reflected in the steady moderation of inflation and improved stability in the forex market,” he said.

Cardoso highlighted the success of the exchange rate unification policy, which has significantly reduced volatility in the forex market and cleared over $7 billion in verified backlog of foreign exchange forwards. He added that the introduction of the BMatch System for forex trading has improved market transparency, enhanced price discovery, and streamlined operations among market participants.

Other initiatives, according to him, are designed to reinforce Nigeria’s macroeconomic stability and support long-term growth. These include:

• Bank Recapitalisation, aimed at strengthening the resilience and global competitiveness of the banking sector to support Nigeria’s goal of becoming a $1 trillion economy.

• Non-resident BVN, which will connect Nigerians abroad to local banking services.

• Nigeria Payments System Vision 2028 (PSV 2028), focused on accelerating digital transformation, expanding financial inclusion, and ensuring faster, safer transactions.

• 75% Cash Reserve Ratio (CRR) on non-TSA public sector deposits, intended to improve liquidity management and reduce inflationary risks.

Cardoso noted that the CBN remains dedicated to educating Nigerians on its policies and ensuring they understand how these reforms contribute to economic stability and improved livelihoods.

He also appealed to the public to handle the national currency with care, saying:

“Respect and keep the Naira clean. Do not spray, hawk, mutilate, or counterfeit it. The Naira is a critical symbol of our national identity.”

Earlier, Njideka Nwabukwu, Branch Controller of the CBN in Uyo, said the fair was designed to increase public awareness about the Bank’s initiatives while creating a feedback platform to strengthen service delivery and policy implementation.

She reaffirmed the Uyo branch’s commitment to supporting the economic growth of Akwa Ibom State through stakeholder engagement, financial literacy campaigns, and efficient service delivery, stressing that the CBN’s strategic regulatory efforts continue to enhance Nigeria’s payment systems and promote sustainable economic development.