By Segun Adewale in Bauchi
The Central Bank of Nigeria (CBN) has organised a stakeholders’ fair reaffirming its commitment to sustaining monetary and financial system stability through policies targeted at controlling inflation, ensuring price and supporting long-term economic growth.
The Apex Bank also reiterated its dedication to promoting financial inclusion, enhance public awareness of the bank’s operations and obtain feedback on its policies and services.
Speaking at a one-day stakeholders’ fair held at Bajahuni Hall, Bauchi, on Thursday, 6 August, 2026, to promote financial inclusion, enhance public awareness of the bank’s operations, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, said the apex bank remained focused on delivering its statutory mandate through sound monetary policies.
Represented by, the CBN Branch Controller, Bauchi, Michael Dalyop, the Director noted that these objectives are critical to sustainable economic growth and development of the country’s economic sector.
Hakama Sidi-Ali said that the fair was one of the Bank’s strategic initiatives aimed at improving the lives and livelihoods of Nigerians through enhanced financial literacy and greater access to alternative payment channels.
She attributed the country’s rising foreign reserves to renewed investor confidence and sustained capital inflows stressing that the ongoing economic reforms are restoring stability to Nigeria’s financial system.
She further disclosed that Nigeria’s foreign reserves had climbed above $52.5 billion as of July 17, 2026, representing a 17-year high and exceeding the Central Bank’s annual target.
According to her, the increase was supported by sustained foreign exchange inflows and renewed investor participation across various asset classes in the Nigerian economy, reflecting growing confidence in the country’s economic management.
The CBN Director added that the reforms introduced under the his leadership are beginning to produce measurable gains, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market.
She however noted that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period due to disciplined monetary tightening, exchange-rate unification and improved market transparency.
She further stated that the Naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, a development she described as evidence of improving foreign exchange market stability.
The CBN Director said the Bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.
She listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match system for foreign exchange trading and the Nigeria Payments System Vision 2028.
She also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures aimed at improving liquidity management and reducing inflationary risks.
Hakama Sidi-Ali said the CBN had also collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, which he described as a benchmark for short-term funding transactions.
She said the initiative was designed to provide a transparent, market-based reference rate and bring Nigeria’s money market infrastructure closer to international best practices.
Speaking on the theme of the fair, Hakama Sidi-Ali said the CBN was focused on promoting alternative payment channels as part of efforts to deepen financial inclusion and support economic activities.
She said the fair provided an opportunity for the apex bank to interact directly with citizens, businesses and other stakeholders, explaining its policies and obtaining feedback from the public.
According to her, “The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives.”
She stressed that the objective was to promote sustainable economic growth and development while obtaining practical suggestions from Nigerians on ways to improve livelihoods.
She urged participants to take advantage of the engagement by asking questions and seeking clarification on the CBN’s policies and programmes.
“Our dedicated team is ready to guide you through presentations on a variety of topics related to the Bank’s operations, such as the protection of financial consumers, innovations in Nigerian payment systems, microfinance subsector activities, monetary policy instruments and processes, and everything you need to know about the naira,” She said.
She added, “I, therefore, encourage all of you to engage actively and prepare your questions and concerns, which our team will address at the conclusion of the presentations.”
The Apex Bank also used the occasion to reiterate its warning against the abuse and misuse of the Naira and urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms, while appealing to citizens to respect the national currency.
She further said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate or counterfeit the Naira.”
She described the Naira as “not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.”
Earlier, the Branch Controller of the CBN Bauchi, Michael Dalyop, said that, “To achieve its statutory mandate, the Central Bank of Nigeria developed a Strategy 2024 to 2028 which has as a mission statement: to ensure monetary, price, and financial system as a catalyst for inclusive growth and sustainable economic development.”
Represented by Salahu Bello Mohammed, Assistant Director, he explained that,”The initiatives and policies implemented by the Bank are aimed at empowering all economic agents (individuals, micro, small and medium enterprises, large businesses, etc) to utilize the opportunities available in the financial system to embark on productive activities, generate income, and contribute to the Gross Domestic Product of our dear country.”
According to him,”The Nigerian economy has witnessed significant progress in key areas in the past few years. For instance, the reforms implemented in the foreign exchange market have unified the exchange rate, engendered transparency and boosted confidence in the market as evidenced by the relative stability in the exchange rate Foreign reserves have grown above USD 50 billion and foreign investments in the economy are also growing.”
The Branch Controller added,
“Inflation is trending downwards as the CBN continues to work diligently towards achieving a single-digit inflation rate. With the successful conclusion of the banking sector recapitalization exercise and the implementation of other policies, banks and Other Financial Institutions have been strengthened to support economic agents engaged in productive activities to grow their businesses and contribute to economic development of the country.”
He explained that,”This Fair has brought together key stakeholders in the Nigerian economy (including consumers of financial services, providers of financial services, regulators, government and security agencies, and other stakeholders). The purpose is to sensitize the public on alternative payment channels and various opportunities available in the financial system.”
“You are advised to make good use of this wonderful opportunity to interact with officials of various Departments of the Central Bank of Nigeria, banks and Other Financial Institutions and experience their products and services on display. Also, obtain answers to all the questions agitating your mind,” he added.
Michael Dalyop concluded saying, “Let me use this medium to encourage the citizens of Bauchi State and the public to handle the Naira, which is a symbol of our sovereignty with care and respect as required by the law. For those keeping huge amounts of cash at home, please deposit your money in the banks of choice and enjoy other financial services.’
