The Central Bank of Nigeria (CBN) has assured Nigerians of its commitment to ensuring that the policies and reforms already introduced would bring about the much-needed price and monetary stability in the country.
Nigerians have, over a long period of time, experienced hardship occasioned by rising inflation and monetary instability in the country.
But, speaking in Uyo, the Akwa Ibom State capital on Tuesday, the CBN Governor, Olayemi Cardoso, said some of the monetary policies of the bank had started yielding positive results, as seen in the decline of inflation and the current stability in the foreign exchange market.
Cardoso stated this at an event with the theme: “Driving alternative payment channels as tools for financial inclusion, growth and accelerated economic development.”
He said the CBN is committed to maintaining price and monetary stability.
Cardoso, who was represented by the acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, revealed that the exchange rate unification policy put in place has not just reduced volatility in the foreign exchange market but has cleared over $7 billion of verified backlog of forex forwards.
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According to him, the BMatch System for forex trading has strengthened market integrity and facilitated better price discovery, adding that the initiative was expected to improve uniformity in trading and ensure seamless operations among market participants
Cordoso highlighted other initiatives expected to bring about economic growth and stability, as bank recapitalisation, which will strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion economy.
The CBN governor explained the fair was organised to sensitise the public on the bank’s policies, enhance their lives and livelihood, and contribute to the growth and development of the Nigerian economy.
He urged them not to abuse the naira, saying that “I also encourage you to respect and keep the naira clean. Do not spray, hawk, mutilate, or counterfeit the naira. It is our critical national symbol.”
