CBN Advises Telecom Operators To Reduce Reliance On Dollar

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has advised telecom operators to reduce their reliance on foreign exchange for their operations.

Cardoso urged the telecom providers to resort to backward integration in the telecommunications sector.

The apex bank’s boss said this during a courtesy visit to CBN headquarters by Airtel Africa’s management team, led by Group Chief Executive Officer Mr Sunil Taldar.

He emphasised the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians.

Cardos “emphasised the need to reduce the sector’s reliance on foreign exchange.”

According to Cardoso, the CBN has “spent the past 16 months stabilising the foreign exchange market, strengthening the naira’s competitiveness, and boosting investor confidence in the Nigerian economy.”

He urged telecom firms to “embrace backward integration by producing essential components such as SIM cards, cables, and towers locally.”

He said this would ease dollar demand, create jobs and strengthen the economy.

The apex bank boss also highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians.

“The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally driven financial ecosystem,” Cardoso said.

He told Airtel and other stakeholders that the CBN would take the necessary steps to create an enabling environment for financial service providers, fostering competition, innovation, and expanded access for Nigerians.

Responding to Cardoso, Airtel Africa’s Group CEO hailed CBN’s reforms and voiced support for backward integration.

He emphasised that reducing reliance on the dollar was in the mid- to long-term interest of telecom operators.