The Central Bank of Nigeria (CBN) has reiterated its determination to drive productivity, enhance financial inclusion, and uphold monetary and price stability as part of efforts to strengthen the country’s economy.
The assurance came from the CBN Governor, Mr. Olayemi Cardoso, during the opening of the 2025 CBN Fair at the Mineet Event Centre in Kano. He was represented at the event by the Acting Director of Corporate Communications, Mrs. Hakama Ali, who explained that the fair was conceived as a platform for direct interaction with citizens on the bank’s policies.
Cardoso stressed that the initiative was designed to foster sustainable economic growth and promote national development.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the Bank’s policies enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.”
CBN Governor, Mr. Olayemi Cardoso
In his remarks, the governor highlighted reforms introduced by the bank over the past two years, aimed at strengthening the financial system.
Bank Recapitalisation And Exchange Rate Reform
Among the major policies is the unification of the exchange rate, a move intended to reduce volatility in the foreign exchange market and minimise arbitrage opportunities. Cardoso noted that this measure was part of efforts to stabilise the currency and restore investor confidence.
He further explained that the CBN had also embarked on bank recapitalisation to ensure the resilience and global competitiveness of Nigeria’s banking sector. According to him, the recapitalisation plan is vital in positioning banks to support the federal government’s ambition of building a $1 trillion economy.
The governor also mentioned the launch of the non-resident Bank Verification Number (BVN), a policy that enables Nigerians living abroad to connect seamlessly with the country’s banking system.
“The bank has also unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.”
CBN Governor, Mr. Olayemi Cardoso
He explained that PSV 2028 was designed to expand alternative payment channels and modernise transactions in a rapidly changing financial landscape.
To reinforce consumer protection, the CBN has introduced the Unified Complaints Tracking System, a framework intended to safeguard customers and restore trust in financial services.
Driving Inclusion Through Alternative Payment Channels
Cardoso pointed out that the theme of this year’s fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was carefully selected to reflect the crucial role small and medium enterprises (SMEs) and other stakeholders play in sustaining price stability and economic expansion.
Moreover, the Acting Branch Controller of CBN Kano, Hajiya Saudatu Muhammad, emphasised that the fair offered a unique avenue for the public to engage directly with the apex bank. She said the initiative allowed citizens to ask questions, seek clarifications, and gain insight into how policies affect their daily financial activities.
She also described the theme of the event as timely, encouraging participants to put the knowledge acquired to practical use in strengthening financial institutions and bolstering the economy.
The 2025 CBN Fair featured a series of paper presentations on topical issues, followed by interactive question-and-answer sessions. These sessions were designed to provide the public with clarity on specific policies of the bank and how they contribute to economic development.
The event recorded a remarkable turnout, drawing representatives from diverse sectors. Attendees included members of the Association of Mobile Money Operators, the National Orientation Agency, the Nigeria Security and Civil Defence Corps, the academic community, the Nigerian Army, commercial banks, the business sector, NYSC, and the media. Their participation underscored the broad interest in the apex bank’s policies and the central role of the CBN in shaping Nigeria’s economic trajectory.
By reaffirming its commitment to productivity, inclusion, and stability, the CBN has signalled that it intends to remain a steady driver of growth in an economy facing both opportunities and challenges.
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