The Central Bank of Nigeria (CBN) has intensified its financial inclusion campaign in Gombe State, saying ongoing policy reforms are delivering positive macroeconomic outcomes. The apex bank said the initiative is aimed at expanding access to financial services while supporting inclusive economic growth.
Photo illustration of CBN Governor, Yemi Cardoso.
The Central Bank of Nigeria (CBN) has intensified its campaign to bring more citizens into the formal financial sector, hosting a public sensitisation fair in Gombe State to promote alternative digital payment channels and strengthen financial inclusion.
Data from the Enhancing Financial Innovation and Access (EFInA) flagship reports for 2020 and 2023 indicate that approximately 38.1 million Nigerians remain financially excluded.
Furthermore, roughly 47 per cent of adults in northern Nigeria are still unable to send, receive, or effectively use digital payment platforms.
Against this backdrop, the apex bank is expanding public awareness around safe, convenient, and innovative digital payment systems, consumer protection, and broader monetary policies to foster inclusive economic participation across both rural and urban areas.
Delivering the opening address on behalf of CBN Governor Olayemi Cardoso, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi, noted that the fair was designed to directly engage the public on the bank’s core mandate.
She emphasised that under Cardoso’s leadership, ongoing policy reforms were already yielding positive macroeconomic results.
“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.93 per cent in May 2026 to 15.91 per cent in June 2026,” Sidi Ali stated.
“Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency.”
She added that the spread between the official foreign exchange rate and Bureau de Change rates has narrowed to below two per cent, while Nigeria’s foreign reserves rose above US$52.5 billion as of July 17, 2026—a 17-year high.
Highlighting major structural reforms introduced over the past 34 months, Sidi Ali cited the unification of the foreign exchange market and introduction of the B-Match System, the banking sector recapitalisation exercise, and the launch of the Non-Resident Bank Verification Number (BVN).
Others are the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028), the introduction of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account public sector deposits, and the creation of the Nigerian Overnight Financing Rate (NOFR) benchmark in collaboration with the Financial Markets Dealers Association.
Local leadership and community representatives expressed support for the initiative.
Speaking at the event, Salihu Sambo, Permanent Secretary at the Office of the Secretary to the State Government (SSG), noted that digital and financial inclusion remain central pillars of Governor Inuwa Yahaya’s administration in Gombe State.
Yunusa Mubi, the CBN Branch Controller for Gombe State, highlighted that residents across both rural and urban communities are responding positively to the campaign.
Local participants—including Phoebe Caleb, Founder of the Rising Women Initiative, and Kande Penuel, Chairperson of the Ex-Soldiers’ Wives Association—commended the apex bank, describing the sensitisation drive as a critical tool that will enable petty traders, farmers, and artisans to save, invest, and enter the formal financial system.
Youth Corps member Ibrahim Oluwakemi added that younger demographics were rapidly adopting digital payment channels into their daily routines.
Protecting The Naira
Concluding her remarks, Sidi Ali reminded attendees to protect the national currency from physical abuse.
“I urge you to uphold the cleanliness and respect of the Naira,” Ali told the participants.
“It is prohibited to spray, hawk, mutilate, or counterfeit the Naira,” she added, cautioning members of the public against financial scams and advising them to rely exclusively on verified CBN communication channels.
The fair featured interactive presentations on consumer protection, microfinance activities, digital innovation, and monetary policy processes, giving participants direct opportunity to address their financial concerns with regulatory officials.
The event, tagged “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” brought together key stakeholders, youth corps members, state government officials, artisans, and women’s associations at the International Conference Centre in Gombe.
