Hon. Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, has emphasized the importance of public awareness regarding the independence of the Central Bank of Nigeria (CBN) as a fundamental element for economic stability.
Speaking at the CBN Legal Services Department’s Retreat Gala Night, El-Rufai addressed the theme “Independence and Autonomy of the Central Bank of Nigeria – Enhancing Public Understanding.” He articulated the CBN’s critical role in stabilizing Nigeria’s economy, noting that its independence enables the implementation of long-term policies aimed at controlling inflation, stabilizing prices, and fostering sustainable economic growth.
El-Rufai highlighted the necessity of balancing the CBN’s autonomy with transparency and accountability. He referenced the Banks and Other Financial Institutions Act (BOFIA) as an essential legal framework that ensures the CBN operates effectively while maintaining public trust.
In light of recent policy changes, including the Naira redesign and the cashless economy initiative, El-Rufai urged for a proactive communication strategy to address public concerns and enhance understanding of CBN policies. He stressed that clear and consistent messaging is vital for building trust and clarifying the CBN’s role in Nigeria’s economic landscape.
The lawmaker called for a collective commitment to protect the CBN’s independence and strengthen its legislative framework, asserting that this is crucial for the Bank to continue its pivotal role in Nigeria’s financial and economic development.
El-Rufai’s remarks served as a strong endorsement of the CBN’s autonomy and a rallying cry for improved collaboration among the Bank, lawmakers, and the public to achieve economic stability and growth.
