CBN Announces Key Financial Reforms for Economic Growth
The Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, banking sector recapitalisation, and financial inclusion to strengthen the financial system and foster sustainable economic growth. Hakama Sidi Ali, the Director of the CBN’s Stakeholder Engagement and Institutional Relations Department, made these disclosures during the CBN Listens Programme in Ibadan, Oyo State.
She emphasized that the reforms, introduced under the leadership of CBN Governor Olayemi Cardoso, include the unification of foreign exchange rates, banking sector recapitalisation, and the introduction of the non-resident Bank Verification Number and the B-Match system for foreign exchange trading. Other initiatives mentioned were the Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate, which aims to align Nigeria's money market infrastructure with international standards.
Sidi Ali also highlighted the importance of financial inclusion in achieving sustainable economic growth, stating that the CBN is collaborating with various stakeholders to expand access to financial services across Nigeria.
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