The Central Bank of Nigeria (CBN) has called on stakeholders in the financial sector to deepen the adoption of alternative payment channels as part of efforts to drive economic growth and expand financial inclusion across the country.
The call was made during the CBN Fair held in Bauchi on Thursday, where the apex bank engaged members of the public on its policies and initiatives aimed at promoting sustainable economic growth and improving the livelihoods of Nigerians.
Speaking at the event, the Acting Director of the Corporate Communications and Investor Relations Department of the CBN, Mrs. Hakama Sidi Ali, said the bank’s economic reforms were producing positive outcomes, as reflected in declining inflation, stronger foreign reserves and increased stability in the foreign exchange market.
She cited the latest figures from the National Bureau of Statistics (NBS), which showed that headline inflation eased from 15.93 per cent in May 2026 to 15.91 per cent in June 2026.
According to her, both core and food inflation also declined during the period, demonstrating the impact of disciplined monetary tightening, exchange rate unification and improved market transparency.
Ali further noted that the naira had continued to strengthen, with the gap between the official and Bureau de Change exchange rates narrowing to below two per cent.
She disclosed that Nigeria’s foreign reserves stood above 52.5 billion dollars as of July 17, 2026, the highest level in 17 years, surpassing the CBN’s annual target due to sustained foreign inflows and renewed investor confidence.
Also speaking, the CBN Branch Controller in Bauchi, Michael Dalyop, said the Nigerian economy had recorded significant progress in recent years through key reforms implemented by the apex bank.
He said the unification of the foreign exchange market had improved transparency, strengthened investor confidence and contributed to exchange rate stability, while foreign reserves had risen above 50 billion dollars alongside growing foreign investment inflows.
Dalyop added that inflation was on a downward trajectory as the CBN continued to pursue its target of achieving single-digit inflation.
He noted that the successful completion of the banking sector recapitalisation exercise had strengthened banks and other financial institutions, positioning them to provide greater support for businesses and productive sectors of the economy.
According to him, the CBN Fair brought together consumers and providers of financial services, regulators, government agencies, security agencies and other stakeholders to educate the public on alternative payment channels and opportunities within Nigeria’s financial system.
Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) urged Nigerians to avoid keeping large sums of money outside the banking system.
The corporation assured the public that licensed fintech companies and microfinance banks operating under the regulatory oversight of the CBN are insured, encouraging Nigerians to take advantage of secure and formal financial services.
