Hon. Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, has called for greater public understanding of the Central Bank of Nigeria’s (CBN) independence as a cornerstone of economic stability.
He delivered this message during a speech at the CBN Legal Services Department’s Retreat Gala Night on December 18, 2024.
Speaking on the theme “Independence and Autonomy of the Central Bank of Nigeria – Enhancing Public Understanding,” El-Rufai emphasized the critical role of the CBN in stabilizing Nigeria’s economy.
He highlighted how the Bank’s independence allows it to implement long-term policies aimed at controlling inflation, stabilizing prices, and promoting sustainable economic growth.
El-Rufai underscored the need to balance the CBN’s autonomy with transparency and accountability.
Citing the Banks and Other Financial Institutions Act (BOFIA), he described it as a vital legal framework that ensures the CBN operates effectively while maintaining public trust.
Addressing public reactions to recent policies, such as the Naira redesign and the cashless economy initiative, El-Rufai advocated for a proactive communication strategy to bridge the gap between CBN policies and public perception. He stressed that clear and consistent messaging is essential to fostering trust and enhancing understanding of the CBN’s role in Nigeria’s economic future.
The lawmaker also called for collective efforts to safeguard the CBN’s independence and strengthen its legislative framework.
He described this as crucial to ensuring the Bank continues to play a pivotal role in Nigeria’s financial and economic progress.
El-Rufai’s remarks were seen as a strong endorsement of the CBN’s autonomy and a call to action for better collaboration between the Bank, lawmakers, and the public to achieve economic stability and growth.
