Segun Awofadeji in Bauchi The Central Bank of Nigeria has organised a stakeholders’ fair reaffirming its commitment to sustaining monetary and financial system stability through policies targeted at controlling inflation, ensuring price and supporting long-term economic growth. The apex bank also reiterated its dedication to promoting financial inclusion, enhancing public awareness of the Bank’s operations and obtaining feedback on its policies and services. Speaking at a one-day stakeholders’ fair held at Bajahuni Hall, Bauchi, on Thursday to promote financial inclusion, enhance public awareness of the Bank’s operations, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, said the apex bank remained focused on delivering its statutory mandate through sound monetary policies. Represented by the CBN Branch Controller, Bauchi, Michael Dalyop, the Director noted that these objectives are critical to sustainable economic growth and development of the country’s economic sector. Sidi-Ali said that the fair was one of the Bank’s strategic initiatives aimed at improving the lives and livelihoods of Nigerians through enhanced financial literacy and greater access to alternative payment channels. She attributed the country’s rising foreign reserves to renewed investor confidence and sustained capital inflows, stressing that the ongoing economic reforms are restoring stability to Nigeria’s financial system. She further disclosed that Nigeria’s foreign reserves had climbed above $52.5 billion as of July 17, 2026, representing a 17-year high and exceeding the Central Bank’s annual target. According to her, the increase was supported by sustained foreign exchange inflows and renewed investor participation across various asset classes in the Nigerian economy, reflecting growing confidence in the country’s economic management. The director added that the reforms introduced under his leadership are beginning to produce measurable gains, including improved macroeconomic stability, easing inflation and greater confidence in the foreign exchange market. She however noted that headline inflation declined slightly from 15.93 per cent in May to 15.91 per cent in June 2026, while both food and core inflation also moderated during the period due to disciplined monetary tightening, exchange-rate unification and improved market transparency. She further stated that the Naira has continued to strengthen, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent, a development she described as evidence of improving foreign exchange market stability. The director said the Bank had over the past 34 months implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction. She listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, introduction of the non-resident Bank Verification Number, the B-Match system for foreign exchange trading and the Nigeria Payments System Vision 2028. She also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as part of measures aimed at improving liquidity management and reducing inflationary risks. According to her, the CBN had also collaborated with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, which he described as a benchmark for short-term funding transactions. She said the initiative was designed to provide a transparent, market-based reference rate and bring Nigeria’s money market infrastructure closer to international best practices. Speaking on the theme of the fair, Sidi-Ali said the CBN was focused on promoting alternative payment channels as part of efforts to deepen financial inclusion and support economic activities. She said the fair provided an opportunity for the apex bank to interact directly with citizens, businesses and other stakeholders, explaining its policies and obtaining feedback from the public. According to her, “The Fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives.” She stressed that the objective was to promote sustainable economic growth and development while obtaining practical suggestions from Nigerians on ways to improve livelihoods. She urged participants to take advantage of the engagement by asking questions and seeking clarification on the CBN’s policies and programmes. “Our dedicated team is ready to guide you through presentations on a variety of topics related to the Bank’s operations, such as the protection of financial c
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