By Khalid Idris Doya
The Central Bank of Nigeria (CBN) has said that bold economic reforms implemented over the past 34 months have laid a solid foundation for Nigeria's next phase of economic growth by promoting financial stability, inclusive growth and job creation aimed at reducing poverty.
Speaking at the CBN Fair held in Bauchi on Thursday with the theme, "Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development," the acting director of corporate communications and investor relations, Mrs. Hakama Sidi Ali, said the reforms are already yielding positive results across key sectors of the economy.
Represented by deputy director, Mr. Michael Dalyop, Sidi Ali listed the reforms to include the unification and increased transparency of the foreign exchange market, successful recapitalisation of the banking sector, the launch of the Non-Resident Bank Verification Number (NRBVN), the B-Match forex trading system, and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028).
She explained that the implementation of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits was introduced to improve liquidity management and curb inflationary pressures.
According to her, the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, provides a transparent, market-based benchmark for short-term funding transactions in line with international best practices.
She described the CBN Fair as one of the Bank's strategic platforms for engaging Nigerians on its policies and programmes while receiving feedback aimed at improving livelihoods and promoting sustainable economic development.
According to her, the theme of the fair underscores the importance of monetary, price and financial system stability as the foundation for Nigeria's economic prosperity.
Sidi Ali said the management of the Bank under the leadership of the CBN Governor, Mr. Olayemi Cardoso, remains committed to maintaining monetary and price stability as mandated by the CBN Act.
She noted that recent economic indicators suggest that the reforms are producing positive outcomes.
"The latest data from the National Bureau of Statistics shows headline inflation declined slightly from 15.93 per cent in May 2026 to 15.91 per cent in June 2026. Core and food inflation also moderated, reflecting the impact of disciplined monetary tightening, exchange rate reforms and improved market transparency.
"The naira continues to strengthen, with the gap between the official and Bureau de Change exchange rates narrowing to about two per cent. Nigeria's foreign reserves have risen above 52.5 billion US dollars as of July 2026, representing a 17-year high and surpassing the CBN's annual target, driven by sustained capital inflows and renewed investor confidence," she said.
She urged Nigerians to rely only on information released through the CBN's verified communication channels and appealed to citizens to treat the naira with dignity.
"Do not spray, hawk, mutilate or counterfeit the naira. It is not only Nigeria's legal tender but also a symbol of our national pride," she said.
Earlier, the Bauchi Branch Controller of the CBN, Mr. Michael Dalyop, said the Bank's 2024-2028 Strategy is focused on ensuring monetary, price and financial system stability as catalysts for inclusive growth and sustainable economic development.
Represented by Assistant Director Salahu Bello Mohammed, Michael said the Bank's policies are designed to empower individuals, small businesses and corporate organisations to access financial services, grow productive enterprises and contribute meaningfully to Nigeria's Gross Domestic Product (GDP).
According to him, reforms in the foreign exchange market have improved transparency, unified exchange rates and boosted investor confidence, while external reserves have grown beyond 50 billion US dollars.
He added that inflation is gradually declining as the CBN works towards achieving a single-digit inflation rate, while the successful banking sector recapitalisation has strengthened financial institutions to better support businesses and economic growth.
Dalyop also encouraged Nigerians to embrace banking services instead of keeping large sums of cash at home and reiterated the need to handle the naira responsibly in accordance with the law.
The CBN Fair brought together financial service providers, regulators, government agencies, security organisations, businesses, students, youths and other stakeholders to promote awareness of alternative payment channels, financial inclusion and developments in Nigeria's payment system.
Participants were also educated on innovations in the payment system, consumer protection, microfinance, foreign exchange market developments, monetary policy operations and proper handling of the naira.
The CBN disclosed that similar public engagement programmes had earlier been held in Lagos, Abeokuta, Kano, Kaduna, Uyo, Calabar, Enugu, Awka and Gombe.
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