CBN Holds Fair To Sensitize Kano Residents On Sustainable Economic Growth
By Abdullahi Yusuf
The Central Bank of Nigeria(CBN) on Tuesday held a Fair to sensitize residents of Kano State
on its policies designed for sustainable economic growth and development of the country.
The policies,participants of the Fair were told,are aimed at strengthening the nation’s financial system.
The bank’s Acting Director, Corporate Communications Department,Mrs Hakama Sidi Ali,told the gathering that:”The Fair is designed as a platform to interact with members of the public on the policies of the CBN for sustainable economic growth and development of Nigeria.”
“The theme of the Fair ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development’,was carefully chosen to address the links that catalyse SMEs and other critical activities for the much-needed price stability.
“The Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability.
“These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system,”Mrs Sidi Ali said.
She listed the policies to include Exchange Rate Unification aimed at minimizing arbitrage opportunities and reducing volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards and Bank Recapitalisation aimed at strengthening the resilience and global competitiveness of the banking sector, positioning it to support the $1trillion economy.
Others, she said, were the Launching of the non-resident BVN to connect Nigerians abroad with home banking, unveiling the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions.
“Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector.
“The core objective of this engagement, therefore, is to sensitize members of the public on how the Bank’s policies enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
“Our dedicated team is on hand to take us through presentations on different operations of the Bank, ranging from the recent innovations in the Nigerian payments system; microfinance sub-sector activities; developments in the foreign exchange market, protection of financial consumers and all you need to know about the Naira,”the acting Director added.
The Fair which held at the Meena Event Centre,Kano,drew participants from the business community and other residents of the state.