The Central Bank of Nigeria (CBN) has assured Nigerians of its continued commitment to achieving price and monetary stability in the country.
The bank’s Governor, Olayemi Cardoso, made the statement on Tuesday, during the “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” fair in Uyo, Akwa Ibom State.
Speaking at the event, Cardoso said, “CBN is committed to needed price and monetary stability.
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“Some of our monetary policies had started yielding positive results.
“This can be seen in the steady ease of inflation and current stability in the foreign exchange market.”
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He added, “The Exchange rate unification policy has reduced volatility in the forex market and cleared over $7 billion of verified backlog of forex forwards.
“The BMatch System for forex trading has strengthened market integrity and facilitated better price discovery, ensuring seamless operations among market participants.”
Cardoso also highlighted other initiatives, including bank recapitalisation to strengthen the banking sector.
He mentioned the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities.
He also spoke on the Nigeria Payments System Vision 2028 (PSV 2028) to boost digital transformation and the 75% Cash Reserve Requirement (CRR) on non-TSA public deposits to improve liquidity management.
He urged Nigerians to respect the national currency, saying, “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.”
