The Central Bank of Nigeria has stated that its current reforms and policy measures are contributing to economic expansion, improved trade dynamics, and wider financial access nationwide.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, made this known on Tuesday during the CBN Fair in Uyo, Akwa Ibom State. She explained that the bank’s programs are beginning to draw increased foreign capital and advance critical economic metrics.
The event, organized under the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” aimed to educate citizens about CBN policies and collect public input for better implementation.
Mrs. Ali discussed several recent policy adjustments, including the consolidation of exchange rates, which has reduced arbitrage activities and stabilized the foreign exchange market. She disclosed that more than $7 billion in confirmed forex backlogs have been settled.
She further stated that the bank’s recapitalization program is intended to boost the strength and international standing of Nigerian financial institutions, aligning with federal plans to reach a $1 trillion economy.
The CBN has introduced a non-resident Bank Verification Number to enable Nigerians living overseas to access local banking platforms. A new system called BMatch has also been rolled out for foreign exchange trading to promote transparency and improve pricing mechanisms.
Mrs. Ali outlined the institution’s goals to fast-track digital innovation, expand financial access, and reduce transaction delays for safer operations. The bank has also implemented a 75 percent cash reserve ratio on non-Treasury Single Account public sector deposits to enhance liquidity control and ease inflation.
Mrs. Njideka Nwabukwu, Branch Controller for the CBN in Uyo, emphasized the bank’s dedication to advancing Akwa Ibom’s economic objectives through collaboration with stakeholders, financial education initiatives, and quality service provision.
She noted that a primary goal of the fair is to inform the public about CBN programs while creating opportunities for feedback to strengthen policy execution. Mrs. Nwabukwu encouraged attendees to make use of the resources and insights shared during the gathering.
