CBN: Economic Reforms Laying Foundation For Inclusive Growth, Stability

The Central Bank of Nigeria (CBN) has said the sweeping economic reforms introduced over the past 34 months are laying a solid foundation for sustainable economic growth, financial stability, job creation and poverty reduction across the country.

Speaking at the CBN Fair in Bauchi on Thursday, themed “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 delivering positive results across key sectors of the economy.

Represented by Deputy Director Michael Dalyop, Sidi Ali highlighted major policy initiatives, including the unification and increased transparency of the foreign exchange market, successful banking sector recapitalisation, the launch of the Non-Resident Bank Verification Number (NRBVN), the B-Match forex trading platform, and 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 designed to improve liquidity management and reduce inflationary pressures.
According to her, the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, has also strengthened transparency by providing a market-based benchmark for short-term funding transactions in line with global best practices.

Sidi Ali described the CBN Fair as a strategic platform for engaging Nigerians on the Bank’s policies while gathering feedback to improve livelihoods and promote sustainable economic development.

She reiterated that the CBN, under the leadership of Governor Olayemi Cardoso, remains committed to maintaining monetary and price stability in line with its statutory mandate.

Highlighting recent economic gains, she said data from the National Bureau of Statistics showed headline inflation eased slightly from 15.93 per cent in May 2026 to 15.91 per cent in June 2026, while core and food inflation also moderated, reflecting the impact of disciplined monetary policy, exchange rate reforms and improved market transparency.

She added that the naira has continued to strengthen, with the gap between the official and Bureau de Change exchange rates narrowing to about two per cent. Nigeria’s external reserves, she noted, have climbed above $52.5 billion as of July 2026—the highest level in 17 years—surpassing the CBN’s annual target on the back of sustained capital inflows and renewed investor confidence.

Sidi Ali urged Nigerians to rely only on information released through the CBN’s verified communication channels and appealed to citizens to treat the naira with respect.
“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, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the Bank’s 2024–2028 strategy is focused on achieving monetary, price and financial system stability to drive inclusive growth and sustainable economic development.

He said the CBN’s policies are aimed at expanding access to financial services for individuals, small businesses and corporate organisations, enabling them to grow productive enterprises and contribute more significantly to Nigeria’s Gross Domestic Product (GDP).

Dalyop noted that reforms in the foreign exchange market have improved transparency, unified exchange rates and boosted investor confidence, while external reserves have risen above $50 billion. He added that inflation is gradually easing as the Bank works towards achieving a single-digit inflation rate, while the successful recapitalisation of banks has strengthened the financial system to better support businesses and economic expansion.
He also encouraged Nigerians to embrace formal banking services rather than keeping large amounts of cash at home and reiterated the need to handle the naira responsibly in accordance with the law.

The CBN Fair attracted financial institutions, 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 ecosystem.

Participants were educated on payment system innovations, consumer protection, microfinance, foreign exchange market reforms, monetary policy operations and the proper handling of the naira. The CBN also disclosed that similar public engagement programmes have previously been held in Lagos, Abeokuta, Kano, Kaduna, Uyo, Calabar, Enugu, Awka and Gombe.