CBN Governor Says Digital and Alternative Payment Systems Boost Forex Stability, Tame Inflation

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has credited the adoption of alternative payment channels with helping to stabilise Nigeria’s foreign exchange market and reduce inflation.

Cardoso made this known in Calabar during a public engagement at the CBN Fair, an event aimed at educating citizens on the bank’s services and promoting financial literacy.

Represented by Mr. Uche Tobias, Assistant Director of Public Communications, Cardoso said the CBN remains committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability.

“The emphasis on alternative payment channels has yielded positive results, as seen in the steady reduction in inflation and the current stability of the foreign exchange market,” Cardoso said.

He also highlighted the launch of the Non-Resident Bank Verification Number (BVN) initiative, designed to connect Nigerians abroad with local banking services, making financial inclusion more accessible for the diaspora community.

The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” showcased various innovations in the country’s financial ecosystem — from mobile banking and e-payment platforms to digital wallets and fintech solutions.

Speaking at the event, the CBN Branch Controller in Cross River State, Mr. Jibunoh Nwanneamaka, represented by Mr. Jude Nwafor, stressed that the fair serves as a vital platform for building public trust, encouraging transparency, and educating Nigerians on monetary policies and reforms.

“It’s important that every Nigerian understands and participates in financial decisions that affect them,” he said.

The initiative aligns with the CBN’s broader goal of driving financial inclusion and innovation, as digital and alternative payment systems continue to shape Nigeria’s evolving economy.