Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining monetary and financial system stability, controlling inflation and ensuring price stability in line with its statutory mandate.
The assurance was given on Thursday in Bauchi by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, during a one-day stakeholders’ fair organised to promote financial inclusion, enhance public awareness of the Bank’s operations and obtain feedback on its policies and services.
Represented by the CBN Branch Controller in Bauchi, Michael Dalyop, Sidi-Ali said the Bank remained focused on achieving sustainable economic growth through sound monetary policies.
She described the stakeholders’ fair as one of the apex bank’s strategic initiatives aimed at improving the lives and livelihoods of Nigerians through enhanced financial literacy and increased access to alternative payment channels.
According to her, Nigeria’s foreign reserves rose above $52.5 billion as of July 17, 2026, representing a 17-year high and surpassing the CBN’s annual target.
She attributed the increase to sustained foreign exchange inflows, renewed investor confidence and stronger participation across various asset classes, adding that the ongoing economic reforms were restoring stability to the country’s financial system.
“The reforms introduced under the current leadership are beginning to yield measurable results, including improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market,” she said.
Sidi-Ali noted that headline inflation declined marginally from 15.93 per cent in May to 15.91 per cent in June 2026, while food and core inflation also moderated, attributing the trend to disciplined monetary tightening, exchange rate unification and improved market transparency.
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She added that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, describing it as evidence of improved stability in the foreign exchange market.
The CBN spokesperson said the Bank had implemented several reforms over the past 34 months to lay the foundation for sustainable economic growth, job creation and poverty reduction.
According to her, the reforms include the unification and greater transparency of the foreign exchange market, banking sector recapitalisation, introduction of the non-resident Bank Verification Number (NRBVN), the B-Match foreign exchange trading system and the Nigeria Payments System Vision 2028.
She also highlighted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary pressures.
In addition, Sidi-Ali said the CBN collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a transparent, market-based benchmark for short-term funding transactions in line with international best practices.
Speaking on the theme of the stakeholders’ fair, she said the initiative was designed to promote alternative payment channels, deepen financial inclusion and strengthen engagement between the apex bank and the public.
“The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” she said.
She encouraged participants to actively engage with officials and seek clarification on issues relating to financial consumer protection, innovations in Nigeria’s payment system, microfinance, monetary policy and currency management.
The CBN also used the event to reiterate its warning against the abuse and misuse of the naira, urging Nigerians to obtain information on its policies only from verified official platforms.
“I also urge you to uphold the cleanliness and respect of the naira. It is prohibited to spray, hawk, mutilate or counterfeit the naira,” she said, describing the national currency as “an indispensable national symbol and a source of our collective pride.”
Earlier, the CBN Branch Controller, Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the Bank’s Strategy 2024–2028 was designed to ensure monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development.
He explained that the Bank’s policies were aimed at empowering individuals, small businesses and larger enterprises to access financial services, undertake productive activities and contribute to national economic growth.
According to him, reforms in the foreign exchange market had unified exchange rates, improved transparency and boosted investor confidence, while foreign reserves had exceeded $50 billion.
He added that inflation was on a downward trajectory and that the successful recapitalisation of the banking sector had strengthened financial institutions to better support businesses and economic development.
Dalyop said the stakeholders’ fair brought together consumers, financial institutions, regulators, government agencies and security organisations to raise awareness about alternative payment channels and other opportunities within Nigeria’s financial system.
He urged participants to take advantage of the platform by interacting with officials from the CBN and other financial institutions to gain a better understanding of available products and services.
He also advised Nigerians to treat the naira with respect and encouraged those keeping large sums of cash at home to deposit their money in banks to benefit from formal financial services.
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