Central Bank Governor Olayemi Cardoso, represented by acting director of corporate communications Hakama Sidi-Ali, disclosed this on Tuesday at the CBN fair in Gombe State, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Cardoso reported that headline inflation eased marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, with core and food inflation also recording declines. He attributed the improvements to disciplined monetary tightening, exchange rate reforms, and enhanced market transparency.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” Cardoso stated.
Nigeria’s external reserves, which stood at over $52.5 billion as of July 17, 2026, have surpassed the CBN’s annual target, driven by sustained inflows and renewed investor confidence.
Over the past 34 months, the CBN has introduced a series of reforms aimed at supporting sustainable economic growth, job creation, and poverty reduction. These include the unification of the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number, the B-Match forex trading system, and the Nigeria Payments System Vision 2028.
The introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, Cardoso noted, was designed to improve liquidity management and curb inflationary pressures.
In collaboration with the Financial Markets Dealers Association, the CBN has also introduced the Nigerian overnight financing rate—a benchmark for short-term funding transactions that aligns Nigeria’s money market with international standards and provides a transparent, market-based reference.
Addressing the fair’s theme, Cardoso reaffirmed the CBN’s commitment to promoting alternative payment channels to deepen financial inclusion and stimulate economic activity. He described the fair as a vital platform for engaging directly with citizens, businesses, and stakeholders—explaining policies and receiving feedback.
“Participants are encouraged to ask questions and seek clarification on the bank’s operations, including financial consumer protection, payment system innovations, microfinance, monetary policy, and the proper handling of the naira,” he said.
Cardoso urged Nigerians to rely solely on the bank’s verified platforms for policy information and warned against spraying, hawking, mutilating, or counterfeiting the naira, describing the currency as a symbol of national pride.
Earlier, Gombe branch controller Yunusa Buba-Mubi said the fair was designed to educate the public on CBN policies while allowing citizens and stakeholders to provide feedback, urging participants to engage actively with the presentations.