The Central Bank of Nigeria (CBN) has attributed the country’s reduced inflation and stable foreign exchange market to the increased adoption of alternative payment channels. According to CBN Governor, Olayemi Cardoso, the emphasis on these channels has yielded positive results, contributing to the country’s economic growth.

Cardoso stated that the apex bank remains committed to promoting productivity, financial inclusion, and maintaining monetary and price stability. He emphasized the importance of alternative payment channels in achieving these goals during a public fair in Calabar, where the CBN aimed to educate the masses about its services and available financial instruments.

The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” encouraged Nigerians to utilize alternative payment systems for sustainable economic growth and stability. Cardoso, represented by Assistant Director of Public Communications, Mr. Uche Tobias, highlighted the need for Nigerians to secure their financial instruments and take advantage of the available alternatives.

The CBN has introduced the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking facilities, further expanding financial inclusion. The launch of this initiative is expected to increase access to financial services for Nigerians worldwide.

This year’s CBN Fair, according to Branch Controller in Cross River State, Mr. Jibunoh Nwanneamaka, represented by Head of Research, Mr. Jude Nwafor, aims to foster trust, transparency, and financial literacy among stakeholders. The event provides a platform for public enlightenment, enabling various groups, including students, workers, and business owners, to gain insight into Nigeria’s financial landscape and policies.

The CBN’s efforts to promote alternative payment channels and financial inclusion are crucial in driving Nigeria’s economic development. As the country continues to navigate its economic challenges, the adoption of alternative payment channels is expected to play a significant role in maintaining stability and promoting growth. With the CBN’s commitment to fostering a more inclusive and stable financial system, Nigerians can expect to see continued improvements in the country’s economic outlook.