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    CBN: Economic Reforms Target Financial Stability, Boost In Productivity

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    By Boluwatife Oshadiya

    Copyright bizwatchnigeria

    CBN: Economic Reforms Target Financial Stability, Boost In Productivity

    The Central Bank of Nigeria (CBN) has reiterated its commitment to implementing economic reforms designed to strengthen financial stability and drive productivity across key sectors.

    Speaking at the CBN Fair in Kano on Tuesday, Governor Olayemi Cardoso, represented by Mrs. Hakama Sidi, Acting Director of Corporate Communications, explained that the apex bank is intensifying efforts to deepen financial inclusion while maintaining monetary and price stability.

    Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the fair underscored the CBN’s focus on small and medium enterprises (SMEs) and other critical sectors that contribute significantly to economic expansion.

    Cardoso outlined measures including a banking recapitalisation programme, reforms to unify the foreign exchange market, and initiatives aimed at increasing transparency and foreign investment. Other strategies involve strengthening specialised financial institutions, updating regulatory frameworks, enhancing payment systems, and reducing risks in credit for essential sectors such as housing, agriculture, and healthcare.

    He also highlighted the Nigeria Payments System Vision 2028 (PSV 2028) and the Unified Complaints Tracking System (UCTS), which aim to safeguard customers and enhance trust in the financial sector. In addition, the CBN introduced a USSD code (*959#) for verifying licensed financial institutions.

    The CBN governor urged Nigerians to value the naira by refraining from practices such as spraying, hawking, or mutilating banknotes, describing the currency as a national symbol that must be respected.

    Meanwhile, Aliyu Abubakar, Acting Divisional Head of Other Financial Institutions at CBN Kano, emphasised the importance of microfinance institutions in expanding access to financial services for individuals excluded from commercial banking.

    Salihu Umar, President of the Association of Mobile Money Operators of Nigeria, commended the CBN for creating platforms to showcase innovative payment solutions, noting that such efforts are crucial for extending financial services to underserved communities and supporting broader economic growth.

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