CBN boosts financial inclusion with new reforms as Cardoso outlines policies to strengthen banking resilience, FX stability, and consumer protection

Governor Olayemi Cardoso made this known at the opening ceremony of the CBN Fair in Kano on Tuesday. Represented by Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, he explained that the bank’s recent reforms were already delivering tangible results.

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These include improved foreign investment inflows, a stronger trade balance, and rising financial inclusion.

Cardoso highlighted the successful unification of exchange rates to reduce volatility in the FX market, as well as the clearance of over $7 billion in verified FX forwards, which has helped restore investor confidence.

He also pointed to the ongoing bank recapitalisation exercise designed to position Nigerian banks as globally competitive players capable of supporting the Federal Government’s $1 trillion economy target.

The governor further noted the introduction of a non-resident Bank Verification Number (BVN) to connect Nigerians in the diaspora more easily with the country’s financial system.

In addition, the CBN launched the Nigeria Payments System Vision 2028 (PSV 2028), which is intended to accelerate digital transformation, deepen financial inclusion, and strengthen Nigeria’s role in global payments.

Consumer protection has also been a priority. The apex bank has rolled out a Unified Complaints Tracking System and introduced a USSD code (959#) for verifying licensed institutions, both aimed at boosting transparency and consumer trust.

“This fair is an avenue for direct engagement with Nigerians, to explain how our policies impact lives and livelihoods while fostering sustainable economic growth,” Cardoso stated.

Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, this year’s fair drew participants from diverse sectors including SMEs, traders, professionals, and civil society.

Attendees engaged with CBN officials on policies covering exchange rate management, digital banking, financial reforms, and inclusion strategies.

Acting Branch Controller in Kano, Hajia Saudatu Mohammad, reiterated the bank’s commitment to financial inclusion, describing it as a cornerstone of its nationwide outreach.

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She stressed that such forums provide an opportunity for the apex bank to receive valuable public feedback while promoting confidence in the financial system.