By Babajide Komolafe

Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the apex bank will not outsource supervision and examination of banks, saying such move will compromise the stability of the financial system.

Emefiele

He stated this while receiving the President of Chartered Institute of Bankers of Nigeria (CIBN), Otunba (Mrs.)’Debola Osibogun, at the headquarters of the apex bank in Abuja.

Emefile assure the institute that the CBN under his leadership will strategically pursue a gradual reduction in key areas of interest rates as well as include the unemployment rate in the monetary policy decisions adding that the exchange rate stability would be maintained and foreign exchange reserves shored up.

He said that outsourcing the functions of bank supervision and examination may compromise the stability of the financial system.

“Central Bank of Nigeria will continue to partner with the CIBN and other stakeholders in ensuring that the Competency Framework is practical and realistic to the benefit of the banking industry” he assured.

Earlier in her address, the CIBN President, Otunba (Mrs.)’Debola Osibogun, commended the new initiatives and policies of the Governor saying they are geared towards further improving banking practice and financial system stability.

She noted that the initiatives of the apex bank were comparable with what obtained in the developed economies adding that the Nigeria banking industry was better positioned to support business and the economy.

Osibogun observed that the new Code of Conduct in the Nigerian Banking industry approved by the Bankers Committee was an important strategic initiative that would promote good banking practice and ethics while restoring public confidence in the system. She expressed satisfaction with the level of cooperation from the Bank Chief Executives as some of them have personally signed the Conduct Form and mandated their staff to do the same.

The CIBN Boss stated that the objectives of the Code of Conduct include guiding every member of the Institute, both individual and corporate in meeting obligations to customers and other stakeholders by maintaining and improving standard of service, performance and quality of banking products; ensuring that all bank employees conduct their duties fairly and honestly; maintaining best banking practice and strong commitment to sound ethical and professional standards in the banking industry, among others.

She commended the Central Bank of Nigeria and the Bankers Committee for giving the Institute the opportunity to partner with them in the implementation of the banking industry Competency Framework and assured Mr. Emefile of the Institute’s continued support to the Bank and the industry.