By Bashir Bello
KANO – The Central Bank of Nigeria, CBN has reiterated it unwavering commitment to financial inclusiveness and stimulate productivity towards sustainable economic growth and development of Nigeria.
The CBN Governor, Olayemi Cardoso made this known during a fair it organised in Kano to sensitise the public on policies introduced by the bank to enhance their lives and livelihoods to contribute to the growth and development of the Nigerian economy.
Cardoso represented by the bank’s Acting Director, Corporate Communications, Mrs. Hakama Ali said the bank has introduced new policies which have started yielding positive results, ranging from increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
She highlighted some of the policies to include, exchange rate unification, bank recapitalisation, Nigeria Payments System Vision and Unified Complaints Tracking System (UCTS) among others.
According to Mrs. Ali, “The Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability. These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system. These include exchange rate unification. To minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards.
“Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1trillion economy.
“Similarly, the bank launched the non-resident BVN to connect Nigerians abroad with home banking and unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector,” she said.
The acting Director further described the theme of the fair “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” as timely in view of the banks broader vision of achieving price stability and expanding access to finance for millions of Nigerians.
“The theme of the Fair “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” was carefully chosen to address the links that catalyse SMEs and other critical activities for the much-needed price stability.
“The Fair is designed as a platform to interact with members of the public on the policies of the CBN for sustainable economic growth and development of Nigeria,” Acting Director, Corporate Communications, Mrs. Ali however said.
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