The Central Bank of Nigeria has reiterated its unwavering commitment to financial inclusiveness and stimulating productivity towards sustainable economic growth and development of Nigeria.
The CBN Governor, Olayemi Cardoso, made this known during a fair it organized in Kano to sensitize the public on policies introduced by the bank to enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
Cardoso, represented by the bank’s Acting Director, Corporate Communications, Mrs. Hakama Ali, said the bank has introduced new policies which have started yielding positive results, ranging from increases of inflows of foreign investments, positive trade balances, and remarkable progress in financial inclusion.
She highlighted some of the policies to include exchange rate unification, bank recapitalization, Nigeria Payments System Vision, and Unified Complaints Tracking System (UCTS), among others.
“The Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability. These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances, and remarkable progress in financial inclusion,” Mrs. Ali said.
She noted that since assuming office two years ago, the Governor has spearheaded several key policies to strengthen the financial system. These include exchange rate unification to minimize arbitrage opportunities and reduce volatility in the foreign exchange market, and cleared over $7 billion verified backlog of FX forwards.
The bank also launched the non-resident BVN to connect Nigerians abroad with home banking and unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector,” she said
