By: Edem Archibong, Calabar
The Central Bank Governnor of Nigeria, Mr. Olayemi Cardoso has declared his total willing support to expand the country’s financial sector to make provision for other inclusions to enable drive economic growth through promotion of an alternative payment systems of trade.
This assertion was made in Calabar during the one day Apex Bank sensitization workshop known as “CBN Fair” with participants drawn from Manufacturing sectors, Microfinance Banks, Traders, Commercial Banks, Merchant Banks, Members of the National Youth Service Corps (NYSC) , Students and other Stakeholders to acquaint them with the new financial policy of Mr. Olayemi Cardoso since his assuming office as CBN Governnor.
Mr. Cardoso who was represented at the event by the Assistant Director of Corporate Communications Department, Mr. Uche Tobias noted that the Apex Bank is out to champion for technologies that can empower individuals to ensure boosting of productivity and also connect Communities to link with the nation’s economic opportunities.
The event which have the theme: “Promoting Alternative Payment Channels as Tools for Financial Inclusions, Growth and Accelerated Economic Development” which is a deliberate design to be committed to fostering productivity, enhancing Financial Inclusion and maintenance of monetary and price stability in the country while it is already an obvious fact that this efforts had already started yielding positive results as experienced by the steady reduction in inflationary rates and the current stability in the foreign exchange market.
Other policies spearheaded by Mr. Cardoso also includes exchange rate unification; the launch of the non-resident Bank Verification Number (BVN) to connect With Nigerians abroad with home banking facilities; the B Match System for forex trading; and the unveiling of the Nigeria Payments System Vision 2028 ( PSV 2028) to accelerate digital transformation, broaden Financial Inclusion, and minimize downtime for faster and safer transactions as well as the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposit all are aims to enhance liquidity management and mitigate potential inflationary pressures in the system.
Mr. Tobias explained that the sensitization exercise was primarily design to educate the public on how the Bank’s policies enhance their lives and livelihoods, contribute to the growth and development of the Nigerian economy while urging the people to rely on information disseminated through the verifiable official channels of the Central Bank.
Speaking earlier is the Calabar Branch Controller of Central Bank of Nigeria, Mr. Jibunoh Tolefe,-Nwanneamaka represented by the Head of Research, Jude Nwafor explained that the fair was designed to promote Financial Inclusion policy by showcasing alternative payment channels and highlighting key re-forms geared towards building a resilient and inclusive Financial system.
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