The experience was humiliating for her and the entire management of the bank, said it was the first time that the bank would be investigated in its e… - Sarah Alade

We went for the IMF meetings and when we met with investors, they asked us: ‘what is happening? We understand that there was some financial mismanagement in the CBN.’ It was humiliating.

Nigeria needs to deepen its financial sector as a whole. Deepening the financial sector entails improving financial structures to ensure efficient delivery of financial services to the private sector.

The independence of the Central Bank is necessary. The Bank needs the freedom and space to take a long view of what is best for the economy and take decisions accordingly. Central Banks have consistently moved towards policy independence to pursue policies free from political interference. Although no central bank can be entirely independent of government’s influence, it must be free to choose the instruments it needs to achieve its mandate. The Bank must also be free from fiscal dominance; that is a situation where fiscal considerations unduly dictate monetary policy.