The Central Bank of Nigeria (CBN) has renewed its commitment to expanding digital payment systems, describing them as essential tools for improving financial inclusion, supporting economic growth and accelerating national development.
CBN Governor Olayemi Cardoso stated this on Tuesday during the bank’s Fair held in Lafia, Nasarawa State, where stakeholders gathered to discuss the role of alternative payment channels in Nigeria’s financial system.
Cardoso was represented at the event by Hakama Sidi-Ali, Acting Director of Corporate Communications and Investor Relations at the apex bank.
The theme of the programme was: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Digital Payments Support Economic Stability
The CBN governor said digital payment channels play an important role in strengthening Nigeria’s financial system and supporting monetary and price stability.
He explained that the fair was part of the bank’s efforts to engage citizens, explain its policies and receive feedback from stakeholders on improving economic opportunities.
According to Cardoso, promoting secure and accessible payment platforms remains central to the CBN’s mandate under the CBN Act 2007 (as amended).
CBN Highlights Economic Reforms
Cardoso said recent reforms introduced by the CBN were beginning to produce positive outcomes, including improved foreign exchange stability, stronger reserves and easing inflation pressures.
He noted that data from the National Bureau of Statistics (NBS) showed headline inflation declined from 15.91 per cent in June 2026 to 15.43 per cent in July 2026.
He added that core and food inflation also recorded moderation during the same period.
The governor further stated that the naira had continued to strengthen, with the difference between official exchange rates and Bureau de Change rates narrowing to below two per cent.
Nigeria’s foreign reserves, he said, stood above $52.5 billion as of July 17, 2026, representing a significant improvement.
CBN Lists Key Financial Sector Reforms
Cardoso highlighted several reforms implemented by the bank over the past 34 months.
These include:
- Foreign exchange market reforms and improved transparency
- Banking sector recapitalisation
- Introduction of non-resident Bank Verification Number (BVN)
- Launch of the B-Match foreign exchange trading system
- Development of the Nigeria Payments System Vision 2028 (PSV 2028)
He also mentioned the introduction of the 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of efforts to manage liquidity and reduce inflation risks.
Financial Inclusion Target Requires Wider Digital Adoption
The CBN Branch Controller in Lafia, Njideka Nwabukwu, said Nigeria had made progress in expanding financial access through various digital platforms.
She listed agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking and instant payment systems as key drivers of financial inclusion.
Nwabukwu said the launch of Payments System Vision 2028 demonstrated the bank’s commitment to creating a secure, innovative and inclusive payment ecosystem.
However, she acknowledged that more work was needed to reach rural communities, improve digital literacy, strengthen cybersecurity and protect consumers.
Nigeria Targets 95% Financial Inclusion
Nwabukwu said achieving the PSV 2028 goal of 95 per cent financial inclusion would require cooperation among financial institutions, payment providers, businesses, government agencies and citizens.
She encouraged entrepreneurs and small business owners to adopt digital payment solutions to improve efficiency and access to economic opportunities.
She also urged young Nigerians to use technology responsibly to create value and support innovation.
CBN Warns Against Naira Abuse
Cardoso also reminded Nigerians that activities such as spraying, hawking, mutilating and counterfeiting the naira remain prohibited.
He urged citizens to respect the national currency and support efforts aimed at maintaining confidence in the financial system.
Participants at the event praised the CBN initiative, saying it improved their understanding of financial inclusion and the role of digital payments in economic development.
