Victor Ezeja
Central Bank of Nigeria (CBN) Governor, Dr Olayemi Cardoso, has said the Non-Resident Bank Verification Number (NRBVN) platform launched recently is a game-changer in facilitating the inclusion of Nigerians abroad into the country’s financial system and boosting diaspora remittances.
In a statement via his X handle, Dr Cardoso described the NRBVN platform as a key milestone in driving financial inclusion, particularly targeted at Nigerians in diaspora.
Join our WhatsApp ChannelPrime Business Africa had reported that the apex bank on 13 May, launched the NRBVN platform developed in partnership with the Nigeria Interbank Settlement Scheme (NIBSS).
“This is a breakthrough for Nigerians in the diaspora, enabling secure, remote BVN registration and removing long-standing barriers to financial inclusion,” Cardoso stated.
He emphasised that the goal of the apex bank is to “keep refining the platform to help us meet our broader remittance targets, while ensuring that KYC and AML safeguards remain firmly in place.”
Cardoso stressed that in all its activities, the CBN remains focused on restoring investor confidence, unlocking opportunities and laying the foundation for long-term economic stability through its reforms.
According to him, the CBN has made significant progress in recent weeks in implementing important reforms in line with the financial system they are building.
He said: “In recent weeks, we have advanced several critical priorities that reflect the Central Bank we are building, one that is pragmatic, forward-looking, and people centric.
“Whether deepening Nigeria’s global financial relationships or consolidating vital domestic reforms, our focus remains clear: to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability.”
Highlighting other key decisions of the apex bank in recent times in line with its goal of restoring macroeconomic stability, Cardoso noted that the members of the Monetary Policy Committee (MPC) during their 300th meeting from May 19 to 20 in Abuja, unanimously agreed to maintain all key monetary policy parameters, including the Monetary Policy Rate (MPR) at 27.5 per cent, the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, and the Liquidity Ratio at 30 per cent.
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“This decision reflects our resolve to consolidate recent gains in macroeconomic stability,” Cardoso stressed.
Commenting on other macroeconomic indicators, Cardoso said there are encouraging signs with “inflation is showing signs of moderation, foreign exchange markets are stabilizing, and external reserves are strengthening, even as we remain vigilant to risks in food and energy prices and global demand conditions.”
The CBN boss further stated that beyond policy, the apex bank convened a strategic board retreat in Akwa Ibom State under the theme “Consolidating the CBN Transformation Journey: People, Governance, Process, and Technology Imperatives.”
According to him, “It was a timely pause for reflection and realignment, ensuring that our reform agenda evolves into a sustainable institutional culture.”
He said discussions at the retreat focused on strengthening internal capacity, governance, and accelerating digital transformation across the CBN system, with the goal of ensuring greater consistency, agility, and integrity.
He noted that the bank has received recognition from several quarters for its bold reforms. These include the “Market Reform Initiative of the Year” from Nairametrics and “Central Bank Governor of the Year” at the 2025 African Banker Awards.
He clarified that the award was given because of the Bank’s bold but necessary reforms, including “improvements to foreign exchange management, the ongoing banking sector recapitalisation, and a strengthened regulatory framework, as key contributors to renewed investor confidence and macroeconomic stability.”
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He maintained that the recognitions reflect the tireless work of teams across the Bank and within the wider financial ecosystem.
He observed that despite what has been achieved so far, there remains much to be done. “But we are making steady, deliberate progress toward the stronger, more resilient economy that Nigerians rightly expect and deserve,” he added.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
