Lafia: The Central Bank of Nigeria (CBN) has reiterated its commitment to promoting digital payment channels as tools for deepening financial inclusion, stimulating economic growth and accelerating national development. The CBN Governor, Mr. Olayemi Cardoso, highlighted this during the CBN Fair organized for stakeholders in Nasarawa State.
According to News Agency of Nigeria, Cardoso, represented by Mrs. Hakama Sidi-Ali, Acting Director, Corporate Communications and Investor Relations Department, emphasized the importance of alternative payment channels in supporting monetary, price, and financial system stability, which are central to CBN’s mandate. The fair, with the theme ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,’ served as a platform for engaging the public on the bank’s policies and initiatives aimed at promoting sustainable economic growth and development.
Cardoso noted that the initiative provided an opportunity for the bank to obtain practical feedback from stakeholders on improving the lives and livelihoods of Nigerians. He affirmed CBN’s commitment to maintaining monetary and price stability and performing its statutory responsibilities under the CBN Act, 2007, as amended. The governor also pointed out that reforms undertaken by the bank were already yielding positive results, including a moderation in inflation, growth in foreign reserves, and improved stability in the foreign exchange market.
The governor cited data from the National Bureau of Statistics, indicating that headline inflation fell slightly from 15.91 per cent in June to 15.43 per cent in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency. He noted that the Naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two percent. Additionally, Nigeria’s foreign reserves remain above US$52.5 billion as of July 17, 2026, marking a 17-year high and surpassing CBN’s yearly target, supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.
Cardoso outlined several reforms undertaken by the CBN over the past 34 months, including the unification and increased transparency of the foreign exchange market, the successful recapitalization of the banking sector, the launch of the non-resident Bank Verification Number (BVN), the B-Match system for foreign exchange trading, and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028). He also mentioned the introduction of a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks. In collaboration with the Financial Markets Dealers Association, the CBN introduced the Nigerian Overnight Financing Rate (NOFR), a market-based benchmark for short-term funding transactions.
Mrs. Njideka Nwabukwu, Branch Controller, CBN Lafia, noted that the fair provided a platform for the bank to engage directly with its customers and stakeholders in Nasarawa. She highlighted significant progress in deepening financial inclusion through agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking, and instant payment platforms. Nwabukwu emphasized that more efforts were required to expand digital payment infrastructure in rural and underserved communities, improve financial and digital literacy, strengthen cybersecurity and consumer protection, and encourage greater adoption of digital payments by small businesses and other vulnerable groups.
Achieving the PSV 2028 target of 95 percent financial inclusion will require collective efforts by financial institutions, payment service providers, businesses, government agencies, and members of the public. Nwabukwu urged entrepreneurs and traders to embrace digital payment solutions and encouraged youths to use technology responsibly to create value and economic opportunities.
Participants Sani Abubakar and Joy Ogwu praised the CBN for the event, stating it broadened their understanding of financial inclusion’s importance and how it would assist the bank in controlling inflation through its monetary policy. The fair included presentations on the activities of various departments within the bank.