The Central Bank of Nigeria (CBN) has embarked on a sensitisation campaign in Cross River State, educating traders on the benefits and use of alternative payment systems aimed at reducing reliance on cash transactions.
During the exercise, CBN officials engaged market traders on the advantages of adopting digital payment options such as mobile banking, Point of Sale (PoS) machines, among others.
The initiative is part of the apex bank’s broader effort to drive financial inclusion, enhance transaction security, and minimise the risks associated with cash-based economies.
The exercise, tagged “CBN Fair,” was held yesterday at the Dome Event Centre, Calabar, with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
The event attracted traders, manufacturers, microfinance operators, commercial and merchant banks, students, artisans, members of the National Youth Service Corps (NYSC), and other stakeholders from across the state.
Speaking at the forum, Assistant Director, Corporate Communications Department, Uche Tobias, said the Olayemi Cardoso-led management of the CBN is focused on implementing policies and innovations that empower individuals, drive productivity, and connect communities to national economic opportunities.
He stated, “Under the leadership of Mr. Olayemi Cardoso, the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability. These efforts are already yielding positive results, as evidenced by the steady reduction in inflation and the current stability in the foreign exchange market.”
Tobias highlighted several initiatives introduced under Cardoso’s administration, including the unification of the exchange rate, the launch of the non-resident BVN to connect Nigerians abroad with home banking services, the introduction of the BMatch system for forex trading, and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) — aimed at accelerating digital transformation and enhancing secure, faster transactions.
He also noted the introduction of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits, describing it as a policy to strengthen liquidity management and curb inflationary pressures.
According to him, the sensitisation exercise is designed to educate Nigerians on how CBN policies influence their daily lives and contribute to national economic development. He urged the public to verify all information through the Bank’s official communication channels to avoid misinformation.
In her remarks, the Calabar Branch Controller of the CBN, Jibunoh Tolefe-Nwanneamaka, represented by the Head of Research, Jude Nwafor, said the fair was part of the Bank’s strategy to build stronger engagement with the public by promoting alternative payment channels and explaining key policy reforms targeted at achieving a robust and inclusive financial system.
She added that the CBN Fair provides an avenue for open dialogue where feedback and concerns are welcomed, helping to build public confidence and ensure that Nigerians at all levels can participate fully in the financial ecosystem.
Also speaking, Cross River State Governor, Senator Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for bringing the initiative to the state, noting that it would help rural dwellers gain better access to modern financial services.
He said, “Cross River is a vast state with many remote areas that still lack commercial banks. This initiative is timely and beneficial as it will enlighten farmers, traders, and residents on alternative payment systems they can use to carry out transactions without necessarily visiting a bank.”
Shiyam noted that the state government had prioritised agriculture and rural development as part of its economic agenda and lauded the CBN for supporting efforts that complement these goals.
