Africa-Press – Nigeria. Central Bank of Nigeria, CBN, has assured Nigerians of its commitments to ensure that the policies and reforms put up brings about the much needed price and monetary stability in the country.
Recall that Nigeria for over a decade has been fraught with inflation and monetary instability with attendant hardship.
But, the CBN Governor, Mr Olayemi Cardoso speaking in Uyo on Tuesday at a “Fair” themed, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” said some of the monetary policies of CBN had started yielding positive results; as seen in the steady ease of inflation and current stability in the foreign exchange market.
Cardoso who spoke through Mrs Hakama Sidi Ali Ag. Director, Corporate Communications Department, CBN, revealed that the Exchange rate unification policy put in place has not just reduced volatility in the foreign exchange market but had cleared over $7 billion dollars of verified backlog of FOREX forwards.
He noted that the BMatch System for forex trading has strengthened market integrity and facilitated better price discovery, adding that the initiative was expected to improve uniformity in trading and ensure seamless operations among market participants
Cordoso highlighted other initiatives expected to bring about economic growth and stability to include: “Bank Recapitalisation which will strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion dollar economy.
“Non-resident BVN to connect Nigerians abroad with home banking facilities, Nigeria Payments System Vision 2028 (PSV 2028) which is expected to accelerate digital transformation, broaden financial inclusion and minimize downtime for faster and safer transactions; introduction of 75 per cent CRR on non-TSA public sector deposits-aimed at enhancing liquidity management and mitigating potential inflationary pressures.”
The governor while disclosing that the CBN fair was to sensitive the public on the Bank’s policies, enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy; urged them not to abuse Naira, 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.”
Earlier in her welcome address, the Branch Controller, CBN, Uyo, Njideka Nwabukwu said one of the key objectives of the fair was to sensitize the public on various initiatives of the Central Bank of Nigeria, while also creating a platform to receive valuable feedback that would help them improve their service delivery and policy implementation.
Nwabukwu pledged the branch’s commitments in upholding the mandate of CBN while supporting the economic aspirations of Akwa Ibom State through effective stakeholder’s engagement, financial literacy campaigns, and seamless service delivery.
“Through strategic policies and regulatory frameworks, the Bank continues to enhance payment systems, thereby promoting financial inclusion and supporting sustainable economic growth,” she said.
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