CBN Reaffirms Commitment to Price and Monetary Stability – Cardoso
The Central Bank of Nigeria has assured Nigerians of its commitment in ensuring that the policies and reforms already introduced would bring about much-needed price and monetary stability in the country.
Nigerians have, over a long period of time, experienced hardship occasioned by rising inflation and monetary instability in the country.
Speaking in Uyo, Akwa Ibom State on Tuesday, the CBN Governor, Olayemi Cardoso, assured that some of the monetary policies of bank had started yielding positive results, as seen in the steady easing of inflation and current stability in the foreign exchange market.
Cardoso stated this during the “Fair” themed, ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.’
He said, CBN is committed to needed price and monetary stability. Some of our monetary policies had started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market.’’
Cardoso, who was represented by 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 has cleared over $7 bn of verified backlog of forex forwards.
According to him, 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 economy.
He stated, “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 CBN Governor explained that the CBN was to sensitise the public on the Bank’s policies, enhance their lives and livelihood, and contribute to the growth and development of the Nigerian economy.
He 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, 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, therefore, pledged the branch’s commitment to upholding the mandate of CBN while supporting the economic aspirations of Akwa Ibom State through effective stakeholders’ engagement, financial literacy campaigns, and seamless service delivery.
She said, “Through strategic policies and regulatory frameworks, the Bank continues to enhance payment systems, thereby promoting financial inclusion and supporting sustainable economic growth.”