The Central Bank of Nigeria, CBN says that the Nigerian payments system has continued to be reckoned globally, and that it has remained resolute in ensuring effective and efficient payments system infrastructure.
The Ag. Director Corporate Communications Department, Hakama Sidi Ali who made this known at the CBN Special Day at the ongoing Enugu International Trade Fair said that it has
accelerated the financial inclusion drive and broadened payment possibilities for Nigerians.
“These payment platforms have made financial transactions more seamless, cost-effective and accessible to a wide range of users“. She stated
Meanwhile, the CBN has continued to address pockets of macroeconomic challenges confronting the Nigerian economy and ensuring that the banking system remains robust and resilient.
In the same vein, the Bank is also closely monitoring the ongoing re-capitalisation of the banking sector, to ensure the injection of quality capital as envisaged in the framework.
The theme of the Fair which is “Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition” was very apt as it was carefully chosen to address the imperative of value addition and the links that would help to support industrial activities, to fully integrate Nigeria’s economy into the global industrial architecture.
“The CBN annually participates in the Fair to raise awareness and sensitize our teeming stakeholders, on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition.
The current Management of the Bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the Small and Medium Enterprises (SMEs).
“The SMEs are the engine of growth in any economy. Domestic industries should also be strengthened to shield the local economy from harmful external shock.
“Specifically, Nigeria recorded a $6.83 billion balance of payments surplus at the end of 2024. which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.
This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy“. Ali stated
Finally the CBN said it would sustain its efforts towards ensuring the availability of clean currency notes with the right mix and urge Nigerians to see the Naira as their critical symbol of national identity. Respect and keep it clean.
Earlier in an address, the President of ECCIMA, Sir Odeiga Jideonwo commended the Management of the Central Bank of Nigeria for reconsidering her decision to suspend attending Trade Fairs, which was enforced in 2023 and lasted for about two years.
“The current decision by the Bank to reactivate and sustain the use of Trade Fair platforms in disseminating information and creating wider awareness on her operations for better understanding of its financial and monetary policies, is very commendable.
This will help the Bank to demystify the “cult” perception regarding CBN and its operation and yet maintain her unique existentiality and essence“. Jideonwo said.
The ECCIMA President thanked the Central Bank Governor and all the staff of the CBN for this pragmatic step.
“I have no doubt that this forum will offer a veritable opportunity for the public to have a direct interface with the bank and for the public to share thoughts and exchange views on the bank’s operations and polices, especially on issues bordering on the instability of naira on the foreign exchange platform
“We commend the CBN for its policy measures to rebuilding stronger business confidence and ensuring stability in the economy particularly in the financial/banking sector.
However, we advise the Bank to ensure that its key policies which include raising interest rates (Monetary Policy Rates), implementing an electronic Foreign Exchange Matching System and recapitalize banks with increased minimum capital requirements, will not in any way become counterproductive“. Jideonwo stated.
Meanwhile, ECCIMA expressed worry over the consistent and recent increase in interest rate by CBN to 27.50% in an aggressive push to manage the nation’s inflationary pressure and liquidity.
“The high Interest rate regime will likely have adverse effects on the accessibility of bank credit by businesses.
There is no doubt that access to credit and cost of funds have relationships with increasing or decreasing levels of productivity, GDP and stabilizing our economy.
Be that as it may, we hope that these policies of the Bank are in tandem with the renewed hope mantra of the Federal Government.
“However, it is instructive to state that we are still looking forward to seeing the clear positive impact of this agenda of the Federal Government on businesses and the Nigerian economy in general.
Victoria Ibanga
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