W/African Monetary Zone Team Meets on Cross-Border Supervision
- By Simeon Ogoegbulem
- Published August 23rd, 2010
- News
- Unrated
THE College of Supervisors of the West African Monetary Zone (CSWAMZ) last week met in Abuja to fine-tune strategies for cross-border supervision in the sub-region. Mallam, Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN), lauded the establishment of the CSWAMZ as being in line with the current thinking and international best practice.
Sanusi however warned that cross-border supervision would not in any way be substituted for national supervision of banks. He expressed the hope that the establishment of the College of Supervisors in the West African Monetary Zone (Wamz) would go a long way in the quest to improve the safety, soundness and resilience of the individual member countries’ financial system.
He said apart from financial contribution to support the activities of Wamz, efforts towards integration within the Economic Community of West African States (Ecowas) sub-region through such institutions as the West African Monetary Authority (Wama), West African Monetary Institute (Wami) and West African Institute for Financial and Economic Management (Waifem) have of recent been intensified.
According to him, it is in realisation of the magnitude of the activities of Nigerian banks in the Wamz, that the CBN had to strengthen its supervisory structure and capacity to ensure the safety and soundness of our banking system.
Earlier, Dr. Femi Oshinkoya, director general of Wamz, commended the Nigerian apex bank for taking the initiative to host the inaugural meeting of the college and reminded participants of the emphasis on global financial stability, hence the need for the college to promote stability and risk management.
In his remarks, Dr. Kingsley Moghalu, CBN’s deputy governor, financial system stability, noted that the decision to establish the CSWAMZ will enhance cooperation, information exchange and coordination amongst WAMZ supervisors.
Sanusi however warned that cross-border supervision would not in any way be substituted for national supervision of banks. He expressed the hope that the establishment of the College of Supervisors in the West African Monetary Zone (Wamz) would go a long way in the quest to improve the safety, soundness and resilience of the individual member countries’ financial system.
He said apart from financial contribution to support the activities of Wamz, efforts towards integration within the Economic Community of West African States (Ecowas) sub-region through such institutions as the West African Monetary Authority (Wama), West African Monetary Institute (Wami) and West African Institute for Financial and Economic Management (Waifem) have of recent been intensified.
According to him, it is in realisation of the magnitude of the activities of Nigerian banks in the Wamz, that the CBN had to strengthen its supervisory structure and capacity to ensure the safety and soundness of our banking system.
Earlier, Dr. Femi Oshinkoya, director general of Wamz, commended the Nigerian apex bank for taking the initiative to host the inaugural meeting of the college and reminded participants of the emphasis on global financial stability, hence the need for the college to promote stability and risk management.
In his remarks, Dr. Kingsley Moghalu, CBN’s deputy governor, financial system stability, noted that the decision to establish the CSWAMZ will enhance cooperation, information exchange and coordination amongst WAMZ supervisors.
