By Ogenyi Ogenyi,Uyo
The Central Bank of Nigeria,CBN, has said it remaimed committed to the stability of the economy while it cleared over $7B of verified backlog of forex forwards in the last two years.
It has also called on residents of Akwa Ibom to embrace and adhere to the Bank’s policies inorder to enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
CBN Governor,Mr Olayemi Cardoso made the call in his remarks yesterday at the CBN Fair in Uyo with the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Cardoso who was represented by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications Department said the development, which was a fallout of the many strategies adopted by the Apex bank to maintain monetary and fiscal stability has also witnessed efforts to unify the exchange rate and minimize arbitrage opportunities and reduce volatility in the foreign exchange market
The CBN governor said the Bank’s Management under his leadership had remained firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability.
“These efforts are already yielding positive results, as evidenced by the steady decline in inflation and current stability in the foreign exchange market.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system. These include Bank Recapitalisation meant to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion dollar economy.
“Launching of the non-resident BVN to connect Nigerians abroad with home banking facilities and the BMatch System for forex trading to enhance market integrity and facilitate better price discovery.” He said.
The initiative Cardoso further stated is also expected to improve uniformity in trading and ensure seamless operations among market participants.
He said the bank also unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion and minimize downtime for faster and safer transactions and the introduction of 75 per cent CRR on non-TSA public sector deposits aimed at enhancing liquidity management and mitigating potential inflationary pressures.
The Fair according to Cardoso is one of the bank’s platforms designed to interact with members of the public on the policies of the CBN, for sustainable economic growth and development and sensitize 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.
In a welcome address, the Uyo Branch Controller of CBN, Mrs Njideka Nwabukwu lauded the initiative of the Corporate Communications Department, supported by other Strategic Business Units (SBUs) in organising the Fair as it provided a unique opportunity to engage directly with the Bank’s customers and stakeholders in the State.
The theme of this year’s fair, Nwabukwu said remained relevant and forward-looking as the bank has through strategic policies and regulatory frameworks continued to enhance payment systems, thereby promoting financial inclusion and supporting sustainable economic growth.
The Controller said the Uyo Branch would continue to play supportive roles in the achievement of the Bank’s mandate, by cascading & implementing policies, programmes and initiatives at the state and grassroots levels and remained committed to upholding the mandate of CBN while supporting the economic aspirations of Akwa Ibom State through effective stakeholder’s engagement, financial literacy campaigns, and seamless service delivery.
Our Correspondent reports that the Fair featured presentations by various departments of the CBN including Other Financial Institutions,Payment Systems Policy, Financial Markets, Consumer Protection and Financial Inclusion, Monetary Policy, Currency Operations and Branch Management while participants featured stakeholders from among government Agencies; Security Agencies; Deposit Money Banks, Microfinance Banks,, the NYSS, Farmers and Traders Associations.
