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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.

— Sarah Alade

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More quotes by Sarah Alade

The exercise paralysed activities at the apex bank.

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.

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.

Poor financial literacy is another. It is only when the vast majority of the Nigerian population is financially literate that they can participate in the formal financial system; the reverse is the case.

The threat to CBN autonomy is also disturbing. Global best practice prescribes central banks’ independence to enhance policy coherence and sturdiness born out of freedom of vision and implementation space.

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Quote text and notes from Wikiquote: Sarah Alade (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.