The Central Bank of Nigeria (CBN) is working on new plans to help improve the country’s economy and ensure the financial system is stable.
CBN Governor, Olayemi Cardoso, announced this on Tuesday at an event in Kano, emphasising the bank’s goal to promote financial inclusion and keep prices steady.
The event’s theme was “Driving alternative payment channels as tools for financial inclusion, growth, and accelerated economic development.”
Cardoso, represented by the CBN’s acting Director, Corporate Communications Department, Ms. Hakama Sidi, highlighted the importance of Small and Medium Enterprises (SMEs) in boosting the economy.
To strengthen the economy, the bank is also focusing on several key initiatives.
This includes a program to recapitalize banks, reforming the foreign exchange market to unify exchange rates and attract more foreign investment.
Others include providing support to sectors like housing, food, and healthcare to stimulate growth and help more people access financial services.
She added that the CBN has introduced Nigeria Payments System Vision 2028 (PSV 2028) to speed up digital advancements and deepen financial inclusion.
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The apex bank has also rolled out a Unified Complaints Tracking System (UCTS) to protect customers and enhance trust in the financial sector, while a new USSD code (*959#) has been created to help people verify licensed financial institutions easily.
Cardoso encouraged attendees to use official CBN sources for information and to respect the naira, urging everyone to avoid actions like spraying or damaging the currency, as it is a symbol of national pride.
Acting Divisional Head of Other Financial Institutions at CBN, Aliyu Abubakar, pointed out that in today’s world, many people still rely on microfinance banks, especially those who can’t get services from traditional banks.
President of the Association of Mobile Money Operators of Nigeria, Salihu Umar, praised the CBN for organizing the fair, stating it’s a great opportunity to showcase new payment solutions and support financial inclusion.
He believes this will help more people in underserved communities gain access to financial services and contribute to the overall growth of Nigeria’s economy.
