The Central Bank of Nigeria (CBN) has reaffirmed its commitment to economic reforms aimed at strengthening financial system stability and boosting national productivity.
Speaking at the CBN Fair held in Kano on Tuesday, Governor Olayemi Cardoso explained that the apex bank is prioritising financial inclusion while sustaining both monetary and price stability.
The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” highlighted the CBN’s reform agenda.
Represented by Mrs. Hakama Sidi, Acting Director of Corporate Communications, Cardoso said: “The role of Small and Medium Enterprises (SMEs) and other key sectors in economic growth cannot be ignored.”
He further revealed that the bank is working on measures to build macroeconomic resilience. These include a banking recapitalisation programme to strengthen institutions, as well as foreign exchange market reforms designed to unify rates, improve transparency, and attract investment.
Cardoso also noted that the bank is driving initiatives such as catalysing specialised financial institutions, introducing new regulatory frameworks, enhancing payment systems, and de-risking credit in sectors like housing, food, and healthcare
He explained: *“The bank has launched Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation and deepen financial inclusion and introduced Unified Complaints Tracking System (UCTS). These will protect customers and boost confidence in the financial sector, alongside a USSD code (959#) for verifying licensed institutions.”
The governor urged the public to rely only on official CBN communication channels, stating, “We encourage Nigerians to use our website (www.cbn.gov.ng).
), Facebook (@cenbankng), X (@cenbank), YouTube (@cenbank) and Instagram (@centralbankng).”
He also appealed to citizens to treat the national currency with respect. “We must respect the Naira by avoiding spraying, hawking, mutilation or counterfeiting, because it is a vital national symbol,” Cardoso said, while encouraging participants to engage actively during the fair.
In his remarks, Aliyu Abubakar, Acting Divisional Head of Other Financial Institutions, CBN Kano office, stressed the global importance of alternative financial institutions. “Those who cannot obtain services from commercial banks have only one alternative, the microfinance banks,” he said.
Similarly, the President of the Association of Mobile Money Operators of Nigeria, Salihu Umar, applauded the CBN for creating the fair. “It will provide an important platform to showcase alternative payment solutions and promote financial inclusion,” he said, adding that the initiative would expand access to financial services for underserved communities and support Nigeria’s economic growth.
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