Barbara Bako, Abuja.
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to foreign exchange and banking sector reforms aimed at strengthening the financial system, improving market transparency and supporting sustainable economic growth.
The Director, Stakeholder Engagement and Institutional Relations Department, Mrs. Hakama Sidi Ali, stated this on Thursday at the CBN Listens Programme in Ibadan, Oyo State, themed, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth.”
Sidi Ali said the reforms, implemented under the leadership of CBN Governor Olayemi Cardoso, were designed to restore macroeconomic stability, strengthen financial markets, deepen financial inclusion and boost confidence in the Nigerian economy.
She identified the unification of exchange rates and the introduction of the Bloomberg BMatch trading system as key foreign exchange market reforms aimed at improving transparency, efficiency and confidence in currency transactions.
The director also highlighted the successful completion of the banking sector recapitalisation programme, saying it had strengthened banks’ capital adequacy, resilience and competitiveness, enabling them to provide greater support for economic growth and development.
Other initiatives include the introduction of the Non-Resident Bank Verification Number (NRBVN) to improve banking access for Nigerians in the diaspora, the Nigeria Payments System Vision 2028 and measures to strengthen liquidity management and monetary policy transmission.
Sidi Ali also cited the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of the Bank’s efforts to manage liquidity and mitigate inflationary pressures.
She further highlighted the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, as a transparent, market-based benchmark for short-term funding transactions that aligns Nigeria’s money market infrastructure with international best practices.
On financial inclusion, Sidi Ali said the CBN would continue to collaborate with financial institutions, financial technology companies, mobile money operators, development partners and state governments to extend financial services to underserved and unserved communities.
She described financial inclusion as a critical pillar of national development, noting that broader access to financial services could stimulate entrepreneurship, reduce poverty, expand economic opportunities and promote shared prosperity.
The director said the CBN Listens Programme provided a platform for citizens, businesses and institutions to engage with the Bank, understand its policies and offer feedback on issues affecting the financial system.
According to her, continuous engagement with stakeholders was essential to effective policy formulation and implementation, particularly amid changing economic and financial conditions.
She urged participants to share their concerns and recommendations, assuring them that their contributions would help improve the effectiveness of the Bank’s policy interventions.
“The Central Bank of Nigeria values your diverse perspectives, experiences, concerns, and recommendations. Your contributions today will help shape future engagements and strengthen the effectiveness of our policy interventions,” she stated.
Sidi Ali reiterated the Bank’s determination to sustain reforms that would strengthen monetary and financial system stability, deepen inclusion, boost public confidence and enhance Nigeria’s competitiveness.
She expressed optimism that continued collaboration between the CBN and stakeholders would help build a stronger financial system, expand economic opportunities and improve prosperity for Nigerians.
The programme attracted representatives of the Oyo State Government, traditional rulers, community leaders, financial institutions, market and trade associations, professional bodies, academia, civil society organisations, the media and CBN officials.
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