The Central Bank of Nigeria (CBN) has taken its nationwide sensitization campaign to Kogi State, engaging bank customers on its recent monetary policy reforms and initiatives designed to drive financial inclusion and stimulate economic growth.
A high-powered delegation from the CBN headquarters in Abuja descended on Lokoja, the state capital, for the one-day sensitization program, themed the “CBN Fair.” The event followed similar successful outings in Lagos, Abeokuta, Kano, Kaduna, Uyo, Calabar, Enugu, Awka, Gombe, Bauchi, and Lafia.
The interactive session drew a diverse crowd of stakeholders, including members of the Kogi Chambers of Commerce and Industry (KCCIMA), National Youth Service Corps (NYSC) members, cooperative societies, small-scale entrepreneurs, farmers, teachers, legal practitioners, and civil servants.
Economic Outlook and Policy Gains
In her opening remarks, the Acting Director of the Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, emphasized that the apex bank is committed to building a resilient financial system.
Mrs. Ali, who was represented by the Branch Controller of the CBN Lokoja branch, Mr. Zubairu Salihu, explained that the primary objective of the fair was to bridge the information gap between the regulator and the public.
“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,” she said.
Addressing the theme of the fair, *“Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,”* Mrs. Ali stated that the theme was meticulously chosen to reflect the monetary, price, and financial system stability mandated by the CBN Act of 2007.
She assured the gathering that the reforms championed by the CBN Governor, Mr. Olayemi Cardoso, are yielding positive results.
“Under the leadership of Mr. Olayemi Cardoso, the Bank’s management is steadfastly dedicated to maintaining monetary and price stability. The moderate decline in inflation, the ongoing growth in our foreign reserves, and the current stability in the foreign exchange market indicate that these endeavors are already yielding positive results,” Mrs. Ali stated.
She cited data showing a steady easing of headline, core, and food inflation, driven by disciplined monetary tightening, exchange rate unification, and improved market transparency. She also highlighted the strengthening of the Naira and the narrowing spread between the official and Bureau de Change (BDC) rates, alongside robust foreign reserves supported by renewed foreign investor confidence.
During the presentations, officials highlighted several key initiatives implemented by the apex bank over the past year. These include:
The unification and increased transparency of the foreign exchange market,The successful recapitalization of the banking sector to enhance its global competitiveness,The launch of the non-resident Bank Verification Number (BVN) to integrate Nigerians in the diaspora,The implementation of a 75% Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to manage liquidity,The introduction of the Nigerian Overnight Financing Rate (NOFR) to align the money market with international best practices.
Mrs. Ali also used the platform to warn the public against abusing the national currency. “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 a vital national symbol and our collective pride,” she urged.
Kogi Leads in Banking Penetration
Also speaking at the event, Mr. Friday Abah, representing the Lokoja Branch Controller, provided deeper insights into the state’s financial landscape. He praised Kogi State’s strategic position as a major transit corridor linking northern and southern Nigeria.
Mr. Abah revealed that according to the Access to Financial Services Survey conducted by Enhancing Financial Innovation & Access (EFInA), Kogi State leads the federation with a remarkable 94% banking penetration rate.
“This achievement underscores the transformative potential of digital finance and the need to deepen the adoption of alternative payment channels,” Mr. Abah remarked. He urged local entrepreneurs, farmers, and artisans to fully embrace digital payment channels to improve business efficiency.
Kogi Governor Advocates for Rural Banking
In his address, the Executive Governor of Kogi State, Alhaji Ahmed Usman Ododo, commended the CBN for the initiative but made a strong appeal to commercial banks and financial institutions to expand their footprints into rural communities.
Represented by his Special Adviser on Budget and Finance, Mr. Elijah Evinemi, Governor Ododo urged financial service providers to look beyond urban centers to capture underserved populations.
“I call on banks, fintech companies, payment service providers, and other stakeholders to look beyond major cities and take financial services to communities where people live and work,” the Governor said. “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.”
Consumer Protection and Feedback
Representatives from the Federal Competition and Consumer Protection Commission (FCCPC) and other regulatory bodies were present to educate consumers on their rights regarding unauthorized bank deductions, fraud, and dispute resolution mechanisms.
The fair concluded with an interactive Q&A session, allowing attendees to seek clarifications directly from CBN directors on banking regulations, interest rates, and access to credit facilities.
