The Central Bank of Nigeria (CBN) attributes the country’s lower inflation and a stable foreign‑exchange market to the growing use of alternative payment channels. CBN Governor Olayemi Cardoso said that this focus has produced positive results and is contributing to economic growth. He reaffirmed the bank’s commitment to boosting productivity, expanding financial inclusion, and maintaining monetary and price stability.
During a public fair in Calabar, Cardoso highlighted the role of alternative payment channels in achieving these objectives. The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” aimed to educate Nigerians about CBN services and the financial instruments available to them. Assistant Director of Public Communications Uche Tobias, representing Cardoso, urged citizens to secure their financial tools and take advantage of the alternatives on offer.
The CBN has also introduced a non‑resident Bank Verification Number (BVN) to link Nigerians abroad with local banking facilities, further extending financial inclusion. This initiative is expected to broaden access to financial services for Nigerians worldwide.
According to Branch Controller in Cross River State, Jibunoh Nwanneamaka, and Head of Research Jude Nwafor, this year’s CBN Fair seeks to foster trust, transparency, and financial literacy among stakeholders. The fair provides a platform for public enlightenment, allowing students, workers, business owners and other groups to gain insight into Nigeria’s financial landscape and policies.
Overall, the CBN’s promotion of alternative payment channels and financial inclusion is seen as essential for driving Nigeria’s economic development. As the nation continues to face economic challenges, the adoption of these channels is expected to help maintain stability and support growth, with the central bank’s commitment promising continued improvements in the country’s economic outlook.
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