Apex bank highlights FX unification, bank recapitalisation and digital finance push as pillars of economic transformation…
The Central Bank of Nigeria has reaffirmed its commitment to broad economic reforms aimed at stabilising the economy and positioning the country to achieve a one-trillion-dollar economy by 2030.
The Deputy Director of Corporate Communications and Investor Relations at the CBN, Sidi Hakama, made this known on Thursday during the Investor Relations “CBN Special Day” at the 47th Kaduna International Trade Fair. She was represented at the event by a Deputy Director of the bank, Abbas Ahmed.
Hakama said the theme of the fair, “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” reflects the Central Bank’s ongoing reform agenda and its focus on strengthening domestic economic capacity.
She described the Kaduna International Trade Fair as a key platform for engaging stakeholders on policies that shape economic performance, noting that the bank’s domestic reform strategy is centred on promoting sustainable growth, deepening local content development, and building resilience against external shocks.
According to her, under the leadership of the CBN Governor, Olayemi Cardoso, the bank has implemented what she described as bold and foundational reforms designed to reposition the Nigerian economy.
She listed the unification of the foreign exchange rate and the ongoing bank recapitalisation programme as major policy measures aimed at strengthening the financial system and enabling it to support the country’s long-term growth ambitions.
Hakama also highlighted the introduction of the non-resident Bank Verification Number to connect Nigerians in the diaspora to domestic banking services, as well as the deployment of the B-Match foreign exchange trading platform to improve market transparency.
She added that the bank unveiled the Nigerian Payments System Vision 2028 and introduced a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management.
According to the CBN, these reforms have collectively improved transparency, supported disciplined price discovery, and strengthened the transmission of monetary policy. She noted that closer coordination between fiscal and monetary authorities, including the discontinuation of deficit monetisation, has further reinforced macroeconomic stability.
On digital finance, Hakama said the bank is providing regulatory clarity in emerging areas such as stablecoins and virtual asset activities, noting that Nigeria remains one of Africa’s most advanced digital payments markets.
She said fintech adoption continues to expand rapidly, with leading payment applications recording between 10 million and 50 million downloads and more than 12 million contactless cards currently in circulation.
Looking ahead, she outlined the bank’s strategic priorities for 2026 to include strengthening the banking sector, achieving durable price stability, modernising the payments ecosystem, expanding financial inclusion, and promoting responsible innovation in the fintech space.
Hakama urged Nigerians to rely only on official communication from the Central Bank and reiterated the institution’s commitment to credible and transparent engagement with the public.
She also reaffirmed the bank’s resolve to maintain a steady supply of clean currency notes, calling on citizens to respect the naira and avoid practices such as spraying, counterfeiting, mutilating, or hawking the national currency.
