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Insists financial inclusion remains critical engine for national development
BY COBHAM NSA – The Central Bank of Nigeria (CBN) has vowed to push forward with its aggressive financial inclusion drive, branding the policy a critical engine and non-negotiable pillar for national development and the country’s economic survival.
With a declaration that there will be no retreat and no slowdown in its bid to fortify the integrity, resilience and inclusiveness of Nigeria’s financial ecosystem, the apex bank hosted its flagship stakeholder engagement event, the “CBN Listens Programme,” in Ibadan, the Oyo State capital in a powerhouse gathering of policymakers, traditional rulers, financial institutions, market associations, civil society organisations, academia , the media and grassroots leaders.
Held under the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth”, the high-stakes forum transformed the ancient city of Ibadan into a melting pot of financial strategy and civic dialogue, with the Director of the Stakeholder Engagement and Institutional Relations Department, Mrs. Hakama Sidi Ali, reaffirming CBN’s commitment to transparent dialogue, policy clarity, and collaborative governance under the CBN Governor, Mr. Olayemi Cardoso’s leadership.
Stepping outside the sterile boardroom walls, Mrs Sidi Ali told the diverse assembly that the CBN is pushing past standard bureaucratic rhetoric and fiercely committed to tearing down walls of ambiguity in a deliberate shift from traditional top-down policing to an inclusive, relationship-driven approach to economic stability.
She explained that by taking its vision directly to the people, the CBN is signaling that continuous public dialogue is essential to achieving macroeconomic stability, restoring market confidence, and driving inclusive economic growth.
Mrs Sidi Ali listed several key policy milestones, including the unification of foreign exchange rates, the rollout of the Bloomberg BMatch trading system, and the successful completion of the banking sector recapitalisation exercise as part of measures meant to enhance transparency, capital adequacy, and overall sector competitiveness.
While also highlighting recent monetary and market management innovations, she cited the implementation of a 75 per cent Cash Reserve Ratio (CRR) on non-TSA public sector deposits to curb inflation, as well as the creation of the Nigerian Overnight Financing Rate (NOFR) in partnership with the Financial Markets Dealers Association.
She added that initiatives like the Non-Resident Bank Verification Number (NRBVN) and the Nigeria Payments System Vision 2028 are expanding access to financial services for Nigerians both at home and in the diaspora.
Speaking about its feedback mechanism, the Director said CBN is throwing open its doors to the public for robust engagement, declaring that the nation’s monetary policy future depends directly on everyday citizen feedback.
“The Central Bank of Nigeria values your diverse perspectives, experiences, concerns, and recommendations. Your contributions today will help shape future engagements and strengthen the effectiveness of our policy interventions,” she declared boldly and urged stakeholders to always speak candidly as the apex bank cannot fix the economy in a vacuum.
Maintaining that at the heart of this aggressive outreach is a massive campaign for financial inclusion, Mrs Ali reassured the public that bringing banking to the unbanked remains a non-negotiable pillar of national development and the CBN is working at bridging the gap by forging powerful alliances with fintechs, mobile money operators, and state governments.
According to her, the ultimate goal is to force financial services into Nigeria’s most isolated communities and ensure economic growth finally reaches the streets, not just the spreadsheets.
