From Isaac Job, Uyo
Central Bank of Nigeria has said that its commitment to implementation of monetary policies and reforms introduced by President Tinubu will bring price and monetary stability needed to grow the economy.
Hardship associated with rising inflation and unstable monetary policies have confronted the nation for a long time.
Speaking in Uyo, Akwa Ibom State Capital yesterday , the CBN governor Cardoso said some of the monetary policies of the bank have yielded positive results; as manifested in the steady ease of inflation and current stability in the foreign exchange market.
Cardoso stated this during CBN “Fair” with themed, ” Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,”
He said, CBN is committed to needed price and monetary stability.
”Some of our monetary policies had started yielding positive results. This can be seen
in the steady ease of inflation and current stability in the foreign exchange market.”
Cardoso who was represented by Mrs. Hakama Sidi Ali
Ag. Director, Corporate Communications Department, CBN, disclosed that the Exchange rate unification policy put in place has not just reduced volatility in the foreign exchange market but had cleared over $7 billion dollars of verified backlog of forex forwards.
According to him, the BMatch System for forex trading has strengthened market integrity and facilitated better price discovery adding that the initiative was expected to improve uniformity in trading and ensure seamless operations among market participants
Cordoso highlighted other initiatives expected to bring about economic growth and stability to include: “Bank Recapitalisation which will strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion dollar economy.
He stated, “Non-resident BVN to connect Nigerians abroad with home banking facilities, Nigeria Payments System Vision 2028 (PSV 2028) which is expected to accelerate digital transformation, broaden financial inclusion and minimize downtime for faster and safer transactions; introduction of 75 per cent CRR on non-TSA public sector deposits-aimed at enhancing liquidity management and mitigating potential inflationary pressures.”
The CBN governor explained the CBN fair was to sensitise the public on the Bank’s policies, enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
He urged them not to abuse Naira, saying, “I also encourage you to respect and keep the Naira clean. Do not spray, hawk, mutilate or counterfeit the Naira. It is our critical national symbol.”
Earlier, the Branch Controller, CBN, Uyo, Njideka Nwabukwu said one of the key objectives of the fair was to sensitize the public on various initiatives of the Central Bank of Nigeria, while also creating a platform to receive valuable feedback that would help them improve their service delivery and policy implementation.
Nwabukwu, therefore, pledged the branch’s commitments in upholding the mandate of CBN while supporting the economic aspirations of Akwa Ibom State through effective stakeholder’s engagement, financial literacy campaigns, and seamless service delivery.
“Through strategic policies and regulatory frameworks, the Bank continues to enhance payment systems, thereby promoting financial inclusion and supporting sustainable economic growth.”.
Leave a comment