The Central Bank of Nigeria (CBN) has taken its financial literacy and inclusion campaign to Kogi State, sensitising bank customers on its recent reforms and initiatives that are aimed at increasing participation in banks and by extension, promoting the nation’s economy.
The one-day engagement, tagged “CBN Fair,” was held in Lokoja and brought together bank customers, farmers, teachers, lawyers, public servants, members of the various professional group such as the Kogi Chambers of Commerce and Industry, NYSC members and operators of small-scale businesses.
The initiative, which had earlier been held in Lagos, Abeokuta, Kano, Kaduna, Uyo, Calabar, Enugu, Awka, Gombe, Bauchi and Lafia, provided participants with information on recent CBN policies and reforms, the use of technology in banking transactions, as well as rules guiding banking operations.
The Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, said the engagement was designed to promote sustainable economic growth while giving members of the public an opportunity to raise concerns and suggest ways of improving livelihoods.
Mrs Ali who was represented at the event by the Branch Controller, CBN Lokoja, Mr. Zubairu Abdulrahman Lokoja, gave broader picture of the event saying: “The objective is to promote sustainable economic growth and development in our beloved country, Nigeria, and to hear from you on more ways to improve Nigerians’ lives and livelihoods.
“The theme of the Fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was meticulously selected to emphasise the connections essential to the desired monetary, price, and financial system stability, which is the foundation of the CBN.
“Under the leadership of Mr. Olayemi Cardoso, the Bank’s management is steadfastly dedicated to maintaining monetary and price stability, as well as performing other critical functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended. The moderate decline in inflation, the ongoing growth in our foreign reserves, and the current stability in the foreign exchange market indicate that these endeavours are already yielding positive results.
“The latest data from the NBS indicates that headline inflation slightly decreased from 15.91per cent in June 2026 to 15.43per cent in July 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 by 2 per cent. Nigeria’s foreign reserves remain above $52.5 billion as of July 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.”
He said the CBN governor has spearheaded bold reforms over the past 34 months to lay the groundwork for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.
He also noted that the reforms include the unification and increased transparency of the foreign exchange market; the successful recapitalisation of the banking sector, which has significantly enhanced the resilience, capacity, and competitiveness of the Nigerian banking industry; the launch of the non-resident BVN to connect Nigerians abroad with local banking services; and the B-Match System for forex trading.
Others, he added included the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028); implementation of a 75per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits intended to improve liquidity management and mitigate inflationary risks; and the Nigerian Overnight Financing Rate (NOFR) was also introduced by the Bank in collaboration with the Financial Markets Dealers Association, among other initiatives.
“This benchmark, which aligns Nigeria’s money market infrastructure with international best practices, provides a transparent, market-based reference rate for short-term funding transactions.
“We urge you to rely solely on information shared through the official, verified channels of the CBN. I also encourage you to respect the Naira and maintain its cleanliness. Do not spray, hawk, mutilate, or counterfeit the Naira. It is not only Nigeria’s vital national symbol but our collective pride as a nation.
“Our dedicated team is ready to guide us through presentations on various aspects of the Bank’s operations, including innovations in the Nigerian payment systems, microfinance subsector activities, developments in the foreign exchange market, protection of financial consumers, monetary policy instruments and processes, and all you need to know about the Naira.”
Mr. Friday Abah, representing the Branch Controller, CBN, Lokoja, Mr. Zubairu Salihu equally provided an insight into the event.
“The theme of this year’s Fair, “Driving Alternative Payment Channels as a Tool for Financial Inclusion, Growth and Accelerated Economic Development,” is both timely and relevant. As technology continues to transform financial services, alternative payment channels have become essential tools for expanding access to finance and supporting economic development.
“Financial inclusion ensures that individuals and businesses have access to affordable and appropriate financial products and services, including payments, savings, credit, and insurance. It remains a critical driver of inclusive growth, improved monetary policy effectiveness, and greater participation in the formal economy.
“The importance of this theme is reflected in our collective pursuit of financial inclusion. While substantial progress has been made, opportunities remain to deepen adoption, particularly among underserved populations, farmers, traders, small businesses, and participants in the informal sector. Greater utilisation of digital payment channels will improve financial inclusion, enhance access to financial services, and support economic prosperity. Notably, 2023 Access to Financial Services Survey by the entity. Enhancing Financial Innovation & Access identified Kogi State as the leading state in Nigeria with a remarkable 94per cent banking penetration rate. This achievement underscores the transformative potential of digital finance and the need to deepen the adoption of alternative payment channels.
“The CBN remains committed to promoting a safe, efficient, inclusive, and resilient payment ecosystem through sustained collaboration with financial institutions, fintech companies, government agencies, and other stakeholders. The CBN Fair provides a platform to deepen public understanding of the Bank’s policies and interventions, promote financial literacy, address consumer concerns, and strengthen awareness of financial services and consumer protection mechanisms.
“As the transit corridor linking Northern and Southern Nigeria and an emerging commercial hub, Kogi State is strategically positioned to benefit from the opportunities presented by digital finance. I therefore encourage entrepreneurs, farmers, artisans, students, business owners, and members of the public to take full advantage of the information, exhibitions, and engagements available throughout this Fair.
“As we commence this Fair, let us reaffirm our commitment to building an inclusive, innovative, and prosperous economy where every Nigerian can participate meaningfully in economic growth and development.
“Together, let us leverage technology, innovation, and collaboration to advance financial inclusion, unlock economic opportunities, and accelerate Nigeria’s journey towards sustainable prosperity.”
Kogi State Governor, Ahmed Usman, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, implored banks to establish more branches in rural areas to ensure that farmers and others staying in such communities have access to banks.
“Let us develop products that understand the realities of the Nigerian farmer, trader, artisan, student, pensioner and small-business owner.
“Let us make digital financial services simple, affordable, secure and accessible, particularly to first-time users and low-income customers,” he said.
Officials of Federal Consumer Protection Agency and similar agencies were also on hand to dialogue with the banks customers on their rights and how they could benefit from such rights.
On the other hand, the banks customers were also allowed to ask questions and seek clarification on issues bothering them on banking and economy, thereby getting clearer picture on the modern trend in the sector.
