By Efe Onodjae 

ABUJA – Chairman, House Committee on Banking Regulations, Hon. Mohammed Bello El-Rufai, has emphasized the importance of public understanding of the Central Bank of Nigeria’s (CBN) independence in achieving economic stability.

Speaking at the CBN Legal Services Department’s Retreat Gala Night , in Abuja, El-Rufai stressed that the CBN’s independence was crucial for implementing long-term policies that  woould control inflation, stabilize prices, and promote sustainable economic growth. 

He cited the Banks and Other Financial Institutions Act (BOFIA) as a vital legal framework that ensures the CBN operates effectively while maintaining public trust.

To bridge the gap between the Central Bank of Nigeria’s (CBN) policies and public perception, El-Rufai advocated for a proactive communication strategy. 

 He emphasised that a well-executed communication strategy was critical to ensuring that the CBN’s policies were well-received and effective in promoting economic growth and stability.

This approach  according to him ,would facilitate a better understanding of the CBN’s decisions and actions, as well as foster trust among the Nigerian public. “Effective communication is key to addressing the disconnect between the CBN’s policies and public perception .

Clear and consistent messaging is essential in this regard”, he said. 

By providing transparent and timely information, he said the CBN could  help build trust and credibility with the public, nothing that it could  also lead to greater support for the Bank’s policies. 

Reacting to  public reactions to recent policies, such as the Naira redesign and the cashless economy initiative, El-Rufai further called for a proactive communication strategy to bridge the gap between CBN policies and public perception. 

 He emphasized that ” this is vital for the Bank to remain a key driver of Nigeria’s financial and economic growth, enabling it to continue making significant contributions to the country’s development”

The lawmaker stressed that safeguarding the CBN’s independence was crucial for its continued effectiveness, adding that it was also essential for the Bank’s ability to drive Nigeria’s financial and economic growth.