CBN Governor Cardoso Advocates for Inclusive Financial Growth

On October 23, the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, emphasized the bank's commitment to monetary and financial system stability during the CBN Listens Programme in Ibadan. Represented by Mrs. Hakama Sidi Ali, the director of stakeholder engagement and institutional relations, Cardoso highlighted the importance of financial inclusion for national development, stating it expands economic opportunities and reduces poverty.

He outlined key reforms implemented over the past 38 months, including the unification of foreign exchange rates, enhanced market transparency, and the introduction of the B-Match System for forex trading. Other initiatives mentioned were the recapitalization of the banking sector, the launch of the Non-Resident Bank Verification Number (BVN), and the Nigeria Payments System Vision 2028.

To manage liquidity and curb inflation, the CBN implemented a 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits. Cardoso urged participants from various sectors to engage in constructive dialogue to shape future monetary policies.