So I want to encourage us that whatever we need to do, let us do it right. We must not subject this institution to that type of incident again. - Sarah Alade

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 entire history.

The inflationary pressure could be traced largely to structural factors, which included poor electricity supply, high cost of energy arising from scarcity of petroleum products, increase in the prices of imported food, raw materials and finished goods, seasonal factors, increase in electricity tariff, insurgency and insecurity in the North East, as well as pipeline vandalism by the Niger Delta militants. However, some monetary factors included exchange rate depreciation, and budget deficits in the face of dwindling oil revenues.

The challenges are many. Oil price volatility and the unstable global environment are major challenges for Central Banking in Nigeria as they are causing growth challenges and other spill-over effects for the local economy. Central Banking in Nigeria is faced with other enormous challenges such as the size of Nigeria’s informal sector. Globally, developing/emerging economies are characterized by a big informal sector which causes a lot of limitations to Monetary Policy implantation and coverage because a majority of the participants in the sector are not using formal financial services and so cannot be captured formally.