At the Inaugural Economic Policy Conference for Emerging Market Economies which took place from February 16 to 17, organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh, CBN Governor, Olayemi Cardoso highlighted the importance of technology in enhancing financial inclusion in Nigeria.
Through tech-driven solutions and mobile money services, the CBN hopes to increase financial access for marginalised areas, especially women.
“Digitalisation is key to Nigeria’s financial inclusion efforts,” he stated.
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On Nigeria’s economic reforms
Governor Cardoso emphasised Nigeria’s continuous economic reforms and the CBN’s dedication to macroeconomic stability in his speech on policy challenges amid structural changes in the global economy.
He reaffirmed the significance of long-term resilience and consistent policymaking in guaranteeing Nigeria’s economy grows sustainably.
The Governor also reiterated the CBN’s position on recapitalisation policy, emphasising that its goal is to fortify Nigeria’s financial industry and make sure banks are prepared to withstand future economic downturns.
Nigeria’s economic future is still bright, according to CBN Governor Mr. Olayemi Cardoso, despite harsh macroeconomic reforms. He stated that “Nigeria’s tough but necessary policy decisions are paying off.”
CBN seeks closer economic ties with Nigerian diaspora in the Middle East
He underlined the importance of forging closer economic links with the Nigerian diaspora in the Middle East.
In response, Mr. Cardoso received assurances from Talal Al-Humond, the Assistant Governor for Monetary Affairs at the Saudi Arabia Central Bank, that the two institutions will cooperate to guarantee the achievement of mutually advantageous goals.
Read also: CBN unveils new naira payment system to improve MDAs payment turnaround times by 70%
On financial market reforms
The CBN Governor, meanwhile, mentioned financial market reforms that addressed distortions in the Nigerian foreign exchange market, which had previously seen a discrepancy of up to 60 percent between the official and parallel market exchange rates, during a panel discussion at the conference moderated by Jihad Azour, Director, Middle East and Central Asia Department, IMF.
He pointed out that the difference has considerably shrunk to about 4-5 percent as a result of steady policy direction, increased market confidence, and better transparency in currency trading.
Cardoso also emphasised the implementation of a foreign exchange code of conduct, which all Nigerian banks signed to guarantee compliance with market regulations, and the use of an electronic matching system to increase market transparency.
He stated that these actions have caused the nation’s foreign reserves to reach their greatest level in almost three years, surpassing $40 billion.
He admitted that Nigeria has experienced severe economic difficulties, such as the withdrawal of capital, the existence of several exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, all of which contributed to a decline in confidence in the nation’s currency.