CBN: Strategic reforms have laid foundation for long-term economic growth

By Christopher Ameh, Bauchi

The Central Bank of Nigeria (CBN) has said its strategic economic reforms implemented over the past 34 months have laid a strong foundation for sustainable economic growth, financial stability and inclusive development.

The apex bank stated that the measures were already contributing to improved macroeconomic conditions, increased employment opportunities and efforts to reduce poverty across the country.

Speaking at the CBN Fair in Bauchi, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, said the reforms were designed to reposition the economy for long-term expansion.

Sidi Ali, who was represented by Deputy Director, Michael Dalyop, highlighted key interventions undertaken by the bank, including market unification, banking sector recapitalisation, digital infrastructure development, liquidity management, benchmark standardisation and the implementation of future-focused monetary policies.

She reaffirmed the CBN’s commitment, under the leadership of Governor Olayemi Cardoso, to its statutory mandate of maintaining monetary and price stability while supporting economic development.

Earlier, the Bauchi Branch Controller of the CBN, Mr. Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s 2024–2028 strategy was focused on deepening financial inclusion and expanding access to formal financial services.

He explained that the framework was aimed at empowering small businesses and corporate organisations to access financial support, thereby boosting productivity and increasing their contribution to Nigeria’s Gross Domestic Product (GDP).

At the event, CBN officials urged members of the public to verify information from credible sources and comply with regulations guiding the use of the naira and other currency-related policies.

The Bauchi CBN Fair is part of a nationwide sensitisation programme by the apex bank to engage stakeholders on its policies and initiatives. Similar forums have recently been held in major commercial centres, including Lagos, Kano, Kaduna, Uyo and Gombe.

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