CBN Reaffirms Commitment to Financial Inclusion, Economic Growth

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…This assurance was given by the CBN Governor during a sensitization fair

KANO, NIGERIA- The iNews Times | The Central Bank of Nigeria (CBN) has restated its unwavering commitment to advancing financial inclusion, boosting productivity, and fostering sustainable economic growth and development across the country.

This assurance was given by the CBN Governor Mr. Olayemi Cardoso, during a sensitization fair organized by the Bank in Kano state. The event aimed to educate the public about the Bank’s (CBN) ongoing policies and reforms designed to improve lives, expand access to financial services, and strengthen the nation’s economy.

Speaking on behalf of the CBN Governor, the Acting Director of Corporate Communications, Mrs. Hakama Ali, noted that the CBN has been implementing a series of bold reforms that are already yielding measurable results. These results, she said, include increased inflows of foreign direct investment, improved trade balances, and significant progress in bringing more Nigerians into the formal financial system.

Mrs. Ali highlighted several key initiatives that the CBN has rolled out under Cardoso’s leadership. “The management of the Bank, under Mr. Olayemi Cardoso, is deeply committed to stimulating productivity, enhancing financial inclusion, and delivering on its core mandate of maintaining monetary and price stability,” she said. “These efforts are already paying off, as evidenced by the steady inflow of foreign investments, positive trade figures, and notable progress in deepening financial access for Nigerians.”

One of the major reforms highlighted was the exchange rate unification policy, which was introduced to minimize arbitrage opportunities, stabilize the foreign exchange market, and restore investor confidence. The CBN has also cleared over $7 billion of verified FX forward backlog, which has helped reduce pressure on the naira and improved transparency in the market.

Another landmark policy is the bank recapitalisation programme, which seeks to strengthen the resilience and global competitiveness of Nigerian banks. According to the CBN, this move is critical to positioning the financial sector to adequately support the Federal Government’s ambition of building a $1 trillion economy.

Mrs. Ali also mentioned the launch of the Non-Resident Bank Verification Number (BVN), a strategic step designed to connect Nigerians in the diaspora with the country’s banking system. This initiative not only fosters financial inclusion but also encourages diaspora remittances, a major source of foreign exchange inflows.

Additionally, the CBN unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a roadmap aimed at accelerating digital transformation, deepening financial inclusion, and positioning Nigeria as a leading player in the global payments ecosystem. This initiative seeks to expand access to affordable, reliable, and secure digital financial services across the country.

To protect consumers and build trust in the financial system, the CBN has also introduced the Unified Complaints Tracking System (UCTS), which streamlines the process of managing complaints against financial institutions. The UCTS allows customers to lodge complaints and track their resolution in real time, thereby enhancing transparency and accountability. Complementing this effort, the Bank also rolled out a dedicated *USSD code (959#) that enables the public to verify licensed financial institutions instantly, a measure that boosts consumer confidence and reduces fraud in the sector.

The sensitization fair, which brought together stakeholders from across Kano State, served as a platform for dialogue between the CBN and the public. Participants had the opportunity to ask questions, provide feedback, and better understand how the Bank’s policies impact their daily lives and businesses.

In her closing remarks, Mrs. Ali urged Nigerians to embrace the reforms being implemented by the CBN, stressing that they are aimed at creating a more robust financial system and a stronger economy for all. She reiterated the Bank’s resolve to continue collaborating with stakeholders to achieve inclusive growth, macroeconomic stability, and long-term development for Nigeria.