CBN reforms driving economic stability, digital finance growth — Official

2026-02-12 - 17:19

By Ibrahim Hassan-Wuyo Kaduna – The Central Bank of Nigeria (CBN) has reaffirmed that its ongoing reforms are strengthening economic stability, promoting financial inclusion, and positioning Nigeria for sustainable growth. Speaking at the Investor Relations “CBN Special Day” during the 47th Kaduna International Trade Fair on Thursday, the Deputy Director of Corporate Communications and Investor Relations, Mrs. Sidi Ali Hakama, said the Bank’s policy direction aligns with efforts to boost local content and build resilience against external shocks. Hakama, who was represented by a Deputy Director, Mr. Abbas Ibrahim Ahmed, noted that the Trade Fair provides a critical platform for engaging stakeholders and fostering dialogue on policies that shape economic outcomes. “This year’s theme, ‘From Reforms to Results: Economic Transformation through Sustained Local Content Development,’ aligns squarely with the Central Bank of Nigeria’s domestic reform agenda focused on promoting sustainable economic growth and strengthening local content development,” she said. She explained that under the leadership of the CBN Governor, Mr. Olayemi Cardoso, the apex bank has introduced far-reaching reforms aimed at supporting job creation and poverty reduction while preparing the economy for its next growth phase. According to her, key initiatives include the unification of the foreign exchange rate, ongoing bank recapitalisation to support the aspiration of a one-trillion-dollar economy by 2030, the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians in the diaspora to local banking services, and the rollout of the B-Match system for foreign exchange trading. Other measures highlighted were the Nigerian Payments System Vision 2028, the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits to enhance liquidity management, and deliberate efforts to position Nigeria as a leader in digital finance through a thriving fintech ecosystem. She said the reforms have collectively enhanced transparency, strengthened monetary policy transmission, and supported disciplined price discovery, adding that improved coordination between fiscal and monetary authorities — particularly the discontinuation of deficit monetisation , has reinforced macroeconomic stability. On digital finance, Hakama disclosed that Nigeria now ranks among Africa’s most advanced digital payments markets, with fintech adoption accelerating rapidly. “Leading payment applications have recorded between 10 and 50 million downloads, while over 12 million contactless cards are currently in circulation,” she stated, adding that the Bank is providing regulatory clarity in emerging areas such as stablecoins and virtual-asset activities. Looking ahead, she identified the CBN’s 2026 strategic priorities to include strengthening the banking system, delivering durable price stability, modernising payments, advancing financial inclusion, fostering responsible fintech innovation, and deepening institutional capacity and partnerships. The CBN spokesperson urged members of the public to rely only on information from the Bank’s official communication channels, assuring that the apex bank remains committed to providing timely and credible updates. She also reaffirmed the Bank’s dedication to maintaining economic stability and ensuring the steady supply of clean currency notes, while calling on Nigerians to treat the naira with respect. “Recognise the naira as a crucial symbol of our national identity. Please respect it, keep it clean, and do not spray, counterfeit, mutilate, or hawk it,” she appealed. Hakama concluded by inviting participants to visit the CBN pavilion at the Trade Fair to obtain first-hand information on the Bank’s policies, payments system, consumer protection initiatives, and proper handling of the national currency.