CBN outlines reforms to boost economic growth
The Central Bank of Nigeria has reiterated its dedication to implementing major economic reforms. Mrs Sidi Hakama, speaking at the 47th Kaduna International Trade Fair, highlighted the bank’s strategy to transform the economy and strengthen local content. She emphasized the importance of transparency, innovation, and stability in the financial sector. Under the leadership of Mr Olayemi Cardoso, the CBN aims to position Nigeria for long-term economic success.
TLDR
- Mrs Sidi Hakama announced the CBN’s commitment to reforms during the 47th Kaduna International Trade Fair.
- The CBN’s agenda includes unifying the foreign exchange rate, recapitalising banks, and enhancing transparency.
- Initiatives such as the non-resident Bank Verification Number and B-Match system were introduced to improve financial services and foreign exchange trading.
- The bank also unveiled the Nigerian Payments System Vision 2028 and set a 75% Cash Reserve Ratio on certain public-sector deposits.
- Strategic priorities for 2026 focus on strengthening the banking system, price stability, modern payments, financial inclusion, and responsible fintech innovation.
