The Central Bank of Nigeria (CBN) has said its ongoing bank recapitalisation and foreign exchange (FX) reforms are critical to achieving the Federal Government’s target of building a $1 trillion economy by 2030.
Speaking at the CBN Special Day at the 47th Kaduna International Trade Fair, the Ag. Director, Corporate Communications, Mrs. Sidi Ali Hakama, said the CBN has rolled out “bold and foundational reforms” aimed at repositioning the economy for sustainable growth, job creation and poverty reduction.
The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), had as its theme: “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”
Hakama, represented by Abbas Ibrahim Ahmed, Deputy Director at the CBN Headquarters, Abuja, said the ongoing bank recapitalisation exercise is designed “to strengthen the financial system and enable it to support the aspiration of a one-trillion-dollar economy by 2030.”
According to her, the reforms under the leadership of CBN Governor, Mr. Olayemi Cardoso, also include the unification of the foreign exchange rate, the introduction of the B-Match system for FX trading and the Non-Resident Bank Verification Number (BVN) to integrate Nigerians in the diaspora into the domestic banking system.
She said the measures have “enhanced transparency, supported disciplined price discovery, and strengthened monetary policy transmission.”
In his remarks, the President of KADCCIMA, Mr. Faruk Suleiman, commended the apex bank’s reform drive, saying the business community is already witnessing improved stability.
“We believe in the reforms of the Central Bank of Nigeria. If not for these reforms, we would not have had the stability we are experiencing today,” Suleiman said.
