The Central Bank of Nigeria (CBN) has reaffirmed its commitment to comprehensive economic reforms aimed at stabilising the economy and positioning Nigeria for a $1 trillion economy by 2030.
Mrs. Sidi Hakama, Deputy Director of the CBN’s Corporate Communications and Investor Relations Department, made the disclosure on Thursday during the Investor Relations “CBN Special Day” at the 47th Kaduna International Trade Fair. She was represented by Deputy Director Abbas Ahmed.
Hakama said the theme of the fair, “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” aligns with the apex bank’s ongoing reform agenda.
She described the trade fair as a critical platform for engaging stakeholders on policies that shape economic outcomes.
According to Hakama, the CBN’s domestic reforms focus on promoting sustainable economic growth, strengthening local content development, and building resilience against external shocks.
She highlighted the bank’s efforts under Governor Olayemi Cardoso, including the unification of the foreign exchange rate and an ongoing bank recapitalisation exercise to bolster the financial system.
The CBN has also introduced a non-resident Bank Verification Number to connect Nigerians in the diaspora to local banking services and deployed the B-Match system for foreign exchange trading to enhance transparency.
Additionally, the bank unveiled the Nigerian Payments System Vision 2028 and imposed a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits to improve liquidity management.
“These reforms have enhanced transparency, supported disciplined price discovery, and strengthened monetary policy transmission,” Hakama said, adding that improved coordination between fiscal and monetary authorities, including the discontinuation of deficit monetisation, has reinforced macroeconomic stability.
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On digital finance, Hakama noted that Nigeria ranks among Africa’s most advanced digital payments markets, with fintech adoption accelerating.
She said leading payment applications have recorded between 10 and 50 million downloads, while over 12 million contactless cards are currently in circulation.
Hakama outlined the CBN’s strategic priorities for 2026 as strengthening the banking system, delivering durable price stability, modernising payments, advancing financial inclusion, and fostering responsible fintech innovation. She urged Nigerians to rely only on official bank communications and reaffirmed the apex bank’s commitment to ensuring a steady supply of clean currency notes.
“Please respect the naira; keep it clean. Do not spray, counterfeit, mutilate, or hawk the currency,” she said.