Assessment of Communication Strategies Adopted by Central Bank of Nigeria (CBN) in Enhancing Stakeholders ‘Engagement in Selected North-Central States

Abstract

This study examined the communication strategies the Central Bank of Nigeria (CBN) adopted to enhance stakeholder engagement in selected North-Central states of Nigeria. The study was anchored on Systems Theory of Communication and Agenda Setting Theory. The study adopted a mixed-methods research design, combining quantitative and qualitative approaches. Data were collected through structured questionnaire administered to 354 respondents comprising commercial bank staff, business owners, community leaders, media practitioners, and residents across Benue, Kogi, and Nasarawa States, complemented by in-depth interviews with six selected stakeholders. The findings showed that the CBN employs multiple communication channels, including radio and television, social media, newspapers, community outreach, SMS/email, public campaigns, media briefings and stakeholder consultations, with traditional media remaining dominant. Inferential analysis revealed that CBN communication strategies significantly and positively influence stakeholder engagement (F = 94.683, p < .001), indicating that effective communication is important for strengthening stakeholder understanding and support for CBN policies. The study further found variations in stakeholder perceptions and responses, particularly across levels of financial literacy and access to information. Major challenges included low financial literacy, misinformation, poor digital and media access, delayed communication and weak community engagement. The study concludes that although the CBN employs multiple communication strategies, effective stakeholder engagement depends on clear, timely, accessible and interactive communication. The study recommends simplified policy messages, stronger feedback mechanisms, improved grassroots communication and more inclusive stakeholder engagement approaches.