Kaduna — The Central Bank of Nigeria (CBN) has reiterated its commitment to deepening financial inclusion, strengthening the banking system, and ensuring public understanding of its policies.
The CBN Governor, Mr. Olayemi Cardoso, stated this at the 2025 edition of the CBN Fair on Thursday in Kaduna.
Cardoso, represented by the Acting Director, Corporate Communications Department of the bank, Mrs. Hakama Ali, said the event was designed to foster public trust, promote policy transparency, and engage citizens in reforms driving Nigeria’s economic recovery.
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“This 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,” the CBN governor said.
The event themed, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, focused on digital innovation and financial access for underserved Nigerians.
Cordoso said, “The theme was carefully chosen to address the links that catalyse SMEs and other critical activities for the much-needed price stability.”
He said, the CBN has implemented several initiatives that were already “yielding positive results, including increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.”
He noted that key reforms such as the unification of exchange rates, ongoing bank recapitalisation, and the launch of the Nigeria Payments System Vision 2028 (PSV 2028) were designed to reposition the financial system for global competitiveness.
The CBN governor revealed that the apex bank had “cleared over $7bn verified backlog of FX forwards” as part of efforts to stabilise the foreign exchange market and curb speculative activities.”
He added that “the recapitalisation initiative is aimed at strengthening the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion economy.”
Cardoso said other major interventions included the introduction of the non-resident Bank Verification Number (BVN) for Nigerians in the diaspora and the implementation of the Unified Complaints Tracking System (UCTS).
He also announced the introduction of a USSD code (*959#) that allows Nigerians to verify licensed financial institutions, as part of wider efforts to enhance consumer protection and restore confidence in the financial services sector.
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He called on Nigerians to remain vigilant and avoid misinformation, warning against relying on unofficial sources.
“I urge everyone here to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria,” he said.
The CBN governor also called on Nigerians to respect the naira, advising against abuse of the national currency.
“Do not spray, hawk, mutilate, or counterfeit the naira,” she warned, describing the currency as a “critical national symbol.”
Also speaking, the Kaduna Branch Controller of the CBN, Ahmed Dalhatu, described the Fair as one of the Bank’s “major public enlightenment initiatives” aimed at increasing financial literacy and building trust.
He said, “This year’s event continues in that tradition, and I encourage everyone here to actively participate in the discussions.”
Dalhatu emphasised the growing importance of awareness amid evolving local and global economic dynamics.
“The need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasised,” he added.
Dalhatu commended stakeholders for their role in supporting the vision of the CBN.
“Your commitment and partnership are instrumental to the achievements of the CBN’s mandate,” he said.
