Nigeria’s Central Bank Governor, Olayemi Cardoso has stated that the policies rolled out by the apex bank since he came into office have started yielding positive results.
According to the apex bank governor, the policies include, the ongoing bank recapitalisation exercise, exchange rate unification, , Nigeria Payments System Vision and Unified Complaints Tracking System, UCTS among others.
Cardoso spoke in Kano state during a sensitisation programme to educate Nigerians on how the fiscal policies being implemented can benefit them. He was represented at the event by the CBN Acting Director, Corporate Communications, Ms Hakama Ali.
The CBN governor said other achievements of the apex bank under him include the minimization of arbitrage opportunities and reduction of volatility in the foreign exchange market and the clearing of over $7 billion verified backlog of forex forwards.
Cardoso: “The Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability. These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system. These include exchange rate unification. To minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards.
“Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1trillion economy.
“Similarly, the bank launched the non-resident BVN to connect Nigerians abroad with home banking and unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector.”
Cardoso was appointed in July 2023 by President Bola Ahmed Tinubu as replacement for Godwin Emefiele, who’s now being prosecuted by the Economic and Financial Crimes Commission, EFCC for alleged fraud.
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