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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.

— Sarah Alade

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More quotes by Sarah Alade

The exercise paralysed activities at the apex bank.

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.

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.

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Attribution

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.