Inflation, Forex Rates Stabilize- CBN Declares
The Central Bank Governor, Mr Olayemi Cardoso has said both the Inflation and foreign exchange market rate has stabilised.
Speaking in during a Central Bank of Nigeria fair with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, in Uyo on Tuesday, Cardoso attributed the stability to the bank’s policies on sustainable economic growth and development of the country.
Represented by Mrs Hakama Sidi Ali, Acting Director, Corporate Communications Department, CBN, Cardoso said the fair was designed to sensitize the public on how the bank’s policies can enhance their lives and livelihood, and contribute to the growth and development of the economy.
“The Management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability.
“These efforts are already yielding positive results, as evidenced by the steady a in inflation and current stability in the foreign exchange market,” he stated.
Cardoso mentioned that one of the policies: the exchange rate unification policy has reduced volatility in the foreign exchange market and cleared over $7 billion dollars of verified backlog of forex forwards.
The Governor explained that the bank recapitalisation policy has strengthen the resilience and global competitiveness of the banking sector, and positioned it to support the $1 trillion dollar economy.
He listed other key policies to include: the non-resident BVN to connect Nigerians abroad with home banking facilities; BMatch System for forex trading aimed to enhance market integrity and facilitate better price discovery.
He said the Nigeria Payments System Vision 2028 (PSV 2028) policy aims to accelerate digital transformation, broaden financial inclusion and minimize downtime for faster and safer transactions; and the 75 per cent CRR on non-TSA public sector deposits is designed to enhance liquidity management and mitigating potential inflationary pressures.
While speaking, the Branch Controller, CBN, Uyo, Mrs Njideka Nwabukwu said the fair was timely and significant, as it would enable the CBN to engage directly with customers and stakeholders in the state and receive valuable feedback that will help it improve service delivery and policy implementation.
Nwabukwu said the CBN’s role in shaping economic direction for the nation through strategic policies and regulatory frameworks would enhance payment systems, promote financial inclusion and supporting sustainable economic growth.
“Uyo Branch remains committed to 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” she said.