Apex bank says financial inclusion, improved market transparency and stronger monetary policies are critical to building a resilient financial system…..
The Central Bank of Nigeria (CBN) has identified foreign exchange market reforms, banking sector recapitalisation and expanded financial inclusion as key measures for strengthening the country’s financial system and driving sustainable economic growth.
The bank said the reforms were designed to improve transparency in financial markets, enhance the resilience of financial institutions and widen access to financial services for individuals and businesses across the country.
Director of the CBN’s Stakeholder Engagement and Institutional Relations Department, Hakama Sidi Ali, stated this on Thursday at the bank’s CBN Listens Programme in Ibadan, Oyo State.
Speaking on the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” Sidi Ali said the apex bank remained committed to maintaining monetary and financial system stability through policies aimed at strengthening the economy.
She said the reforms introduced under CBN Governor Olayemi Cardoso included the unification of foreign exchange rates, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number and the B-Match system for foreign exchange trading.
According to her, the measures were intended to strengthen financial markets, improve transparency and position Nigeria for sustained economic development.
Sidi Ali also highlighted the Nigeria Payments System Vision 2028 and the introduction of the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, as part of efforts to improve the country’s financial market infrastructure.
She explained that the NOFR provides a transparent, market-based benchmark for short-term funding transactions, bringing Nigeria’s money market closer to international best practices.
The CBN director further identified the implementation of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as one of the bank’s measures to improve liquidity management and mitigate inflationary pressures.
On banking sector reforms, Sidi Ali said recapitalisation had strengthened the capacity, resilience and competitiveness of financial institutions, while other policy measures were aimed at building confidence in the financial system.
She stressed, however, that a stronger financial sector must also translate into wider access to banking and other financial services, particularly for Nigerians in underserved and unserved communities.
According to her, sustainable economic growth would remain difficult to achieve without ensuring that more individuals and businesses could access the financial services needed to participate in economic activities.
“Economic growth cannot be sustainable unless it is inclusive,” she said.
Sidi Ali disclosed that the CBN was working with financial institutions, financial technology companies, mobile money operators, development partners and state governments to expand financial access across the country.
She said broader access to financial services could create economic opportunities, encourage entrepreneurship, reduce poverty and promote shared prosperity.
The director also explained that the CBN Listens Programme was designed to strengthen communication between the apex bank and the public by providing a platform to explain policy decisions, address misconceptions and receive feedback on issues affecting individuals, businesses and communities.
She added that continued engagement with stakeholders was essential to ensuring that the bank’s policies responded to economic realities and supported the development of a stable and resilient financial system.
The CBN reiterated its commitment to working with stakeholders to strengthen the financial sector, improve access to financial services and support Nigeria’s long-term economic growth.
