The Central Bank of Nigeria (CBN) has rallied the stakeholders in the financial sector to drive alternative payment channels to boost economic growth.

 

The Bank said it organised the fair to engage the public on the Bank’s policies and initiatives with the objective to promote sustainable economic growth and development in the country and to harness more practical ways to improve Nigerians’ lives and livelihoods.

 

Speaking in Bauchi on Thursday, the Acting Director, Corporate Communications and Investor Relations Department of CBN, Mrs Hakama Sidi Ali, said that the efforts of Bank in economic stability are yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in foreign reserves, and the current stability in the foreign exchange market.

 

Ali highlighted the latest data from the National Bureau of Statistics (NBS) which she said indicated that headline inflation fell slightly from 15.93% in May 2026 to 15.91% in June 2026. “Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency.

 

“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below 2%. Nigeria’s foreign reserves remain above US$52.5 billion as of July 17, 2026, marking a 17-year high and surpassing the CBN’s yearly target. This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” she said.

 

The Branch Controller of CBN in Bauchi Michael Dalyop, said that the nation’s economy has witnessed significant progress in key areas in the past few years. Saying that the reforms implemented in the foreign exchange market have unified the exchange rate, engendered transparency and boosted confidence in the market as evidenced by the relative stability in the exchange rate Foreign reserves have grown above USD 50 billion and foreign investments in the economy are also growing.

 

According to him, inflation is trending downwards as the CBN continues to work diligently towards achieving a single-digit inflation rate. “With the successful conclusion of the banking sector recapitalisation exercise and the implementation of other policies, banks and other financial institutions have been strengthened to support economic agents engaged in productive activities to grow their businesses and contribute to economic development of the country.

 

He said that the fair has brought together key stakeholders in the Nigerian economy (including consumers of financial services, providers of financial services, regulators, government and security agencies, and other stakeholders). He added that the purpose was to sensitise the public on alternative payment channels and various opportunities available in the financial system.

 

Also, the Nigeria Deposit Insurance Corporation (NDIC) urged Nigerians to desist from keeping huge amounts of money outside bank, explaining that the fin techs and microfinance banks have been insured and licensed by the apex bank.