By Egufe Yafugborhi
UYO — The Central Bank of Nigeria (CBN) on Tuesday said that its ongoing reforms and improved policy initiatives are steadily stimulating economic growth, enhancing trade balance, and deepening financial inclusion across the country.
Speaking at the CBN Fair held in Uyo, Akwa Ibom State, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the apex bank’s initiatives are already attracting higher foreign investment inflows and driving progress in key economic indicators.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” was designed to sensitize the public on CBN’s policies and gather feedback to improve service delivery.
Highlighting the bank’s recent reforms, Mrs. Ali noted that the unification of exchange rates has minimized arbitrage opportunities and reduced foreign exchange market volatility, while over $7 billion in verified forex backlogs have been cleared.
She also revealed that the recapitalization initiative aims to strengthen the resilience and global competitiveness of Nigerian banks, positioning the sector to support the government’s ambition of achieving a $1 trillion economy.
According to her, “The CBN has launched a non-resident BVN to connect Nigerians abroad with domestic banking services. The BMatch system has been introduced for forex trading to enhance market integrity and ensure better price discovery.
“The bank has also unveiled a vision to accelerate digital transformation, broaden financial inclusion, and minimize downtime for faster and safer transactions. Additionally, a 75% CRR on non-TSA public sector deposits has been introduced to improve liquidity management and curb inflationary pressures.”
Also speaking, the Uyo Branch Controller of the CBN, Mrs. Njideka Nwabukwu, reaffirmed the bank’s commitment to supporting Akwa Ibom’s economic aspirations through stakeholder engagement, financial literacy programs, and effective service delivery.
“One of the key objectives of this fair is to sensitize the public on CBN initiatives while providing a platform for feedback that will enhance policy implementation,” she stated, urging participants to take advantage of the information and opportunities presented at the event.
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