The Central Bank of Nigeria (CBN) has said its recent reforms, including the unification of exchange rates and ongoing bank recapitalization, are strengthening the economy and deepening financial inclusion.

This was made known by the acting Director of the apex bank Corporate Communications Department, Hajia Hakama Sidi Ali, on Tuesday a CBN Fair in Kano.

SolaceBase reports that the fair with the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was designed to engage members of the public on CBN policies for sustainable growth

“Our efforts have started yielding fruits, including increased foreign investment inflows, positive trade balances, and remarkable progress in financial inclusion,” she said. “The unification of exchange rates has reduced volatility in the market while over $7 billion of verified capital has been cleared.”

She added that the recapitalization of banks is meant to build resilience in the financial system as the country works toward achieving a $1 trillion economy.

She also highlighted new initiatives such as the Non-Resident Bank Verification Number (NRBVN), which connects Nigerians abroad with domestic banking services, and the Nigerian Payments System Vision 2028 framework that seeks to accelerate digital transformation.

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“To further protect customers, the CBN has launched the Unified Complaint Tracking System and introduced *USSD code 959# for transparency and consumer protection across licensed institutions.”

Hajia Sidi Ali also cautioned Nigerians to treat the naira with respect, “Do not spray or mutilate the naira. It is a critical national symbol.”

On her part, Acting Branch Controller, Kano, CBN, Saudatu Muhammad, urged participants to make the most of the engagement.

“CBN is always ready to interact with the public to promote financial inclusion and strengthen its relationship with the people of Kano,” she said.

Also speaking at the event, Aliyu Abubakar, the Acting Divisional Head of Other Financial Institutions, Mission Department of the Central Bank of Nigeria (CBN) in Kano, highlighted the crucial role of microfinance banks in the country’s economy.

He explained that, globally, economic trends continue to underscore the importance of such institutions, especially in serving cottage industries, small and medium enterprises, individuals, and workers who may not have access to conventional deposit money banks.

“At any point in time, those who cannot obtain services from commercial banks have only one alternative,  the microfinance banks. They therefore play a critical role in financial intermediation,” he said.

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Abubakar further stressed that microfinance banks mobilize funds from areas of surplus to areas of need through credit creation. According to him, they are “a tool for economic empowerment, an avenue for deepening financial inclusion, and a significant contributor to total economic growth and development.” He described them as an indispensable part of Nigeria’s banking system.

Similarly, Abdullateef Abubakar Jos, a media professional based in Kano, praised the ongoing CBN Fair and some of the recent policies of the Central Bank.

He noted that initiatives introduced by the current CBN governor have had a positive impact on the economy by making access to alternative funding easier.

“Take, for instance, the CBN’s PoS geotagging policy. It allows every money transfer to be traced to its specific location. This curbs fraud, ensures transparency, and build confidence among those transferring money,” Jos explained.

He also pointed to the recent bank recapitalization exercise, which he said had strengthened public confidence in the banking sector. “It assures Nigerians that banks are strong and resilient, thereby reducing fears of collapse. These measures, in no small way, are gradually helping to reduce inflation,” he added.

Jos noted that even the inflation report released by the National Bureau of Statistics (NBS) for August showed a decline.

“That is why the presidency is optimistic that inflation will soon drop to single digits. When you consider this alongside the fair, it creates more opportunities for access to alternative funding,” he said.

In his remarks, the President of the Association of Mobile Money Operators of Nigeria, Salihu M. Umar, commended the CBN for organizing the fair, noting that it provides an important platform to showcase alternative payment solutions and promote financial inclusion.

He said the initiative would strengthen trust in digital transactions, expand access to financial services for underserved communities, and contribute to Nigeria’s overall economic growth.