The Central Bank of Nigeria (CBN) has reaffirmed its commitment to expanding digital payment channels as a means of deepening financial inclusion, supporting economic growth and accelerating national development.
CBN Governor Olayemi Cardoso, represented by Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, stated this at the CBN Fair in Lafia, Nasarawa State. He said alternative payment channels were important to monetary, price and financial system stability.
Cardoso said recent reforms by the bank were producing positive results, including easing inflation, stronger foreign reserves and improved stability in the foreign exchange market. He said headline inflation fell from 15.91 per cent in June to 15.43 per cent in July 2026, while foreign reserves stood above $52.5 billion as of July 17.
The governor highlighted reforms including greater transparency in the foreign exchange market, bank recapitalisation, the non-resident BVN, B-Match for forex trading and the Nigeria Payments System Vision 2028 (PSV 2028). He also urged Nigerians to respect the naira and avoid practices such as spraying, hawking, mutilation and counterfeiting.
The CBN Lafia Branch Controller, Njideka Nwabukwu, said agent banking, POS terminals, mobile money, QR payments, internet banking and instant payment platforms had helped expand financial inclusion. She, however, called for greater investment in digital infrastructure, financial literacy, cybersecurity and consumer protection, particularly in rural and underserved communities.
Nwabukwu said achieving the PSV 2028 target of 95 per cent financial inclusion would require collaboration among financial institutions, payment providers, businesses, government agencies and the public. She urged traders and entrepreneurs to embrace digital payment solutions while encouraging young Nigerians to use technology responsibly to create economic opportunities.
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