It is a ‘well done’ to the Central Bank of Nigeria (CBN) from the Chartered Institute of Bankers of Nigeria (CIBN) over new initiatives and policies of the apex bank geared towards furthering banking practices and financial system stability in the country.
Debola Osibogun, president/chairman of Council of the Institute, commended the CBN during the Institute’s presidential engagement with Godwin Emefiele, governor of the CBN, in Abuja, noting that the initiatives of the apex bank were comparable with what obtained in the developed economies, as the Nigerian banking industry was better positioned to support businesses 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 practices and ethics, while restoring public confidence in the system.
She expressed satisfaction with the level of cooperation from banks’ chief executives as some of them had 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 CBN and the Bankers’ Committee for giving the Institute the opportunity to partner them in the implementation of the banking industry Competency Framework, and assured Emefile of the Institute’s continued support to the bank and the industry.
Similarly, she encouraged the apex bank to take every necessary measure within its mandate to reduce the interest rate as well as maintain exchange rate stability in order to encourage and attract both local and foreign direct investments in the Nigerian economy. She noted that lower interest and inflation rates would further boost economic activities, which would ultimately lead to the creation of more jobs for the teaming unemployed youths and increase in the production of consumer goods and services.
Osibogun, while congratulating Emefiele on his appointment, noted that his pedigree, wealth of experience and management skills, stood him out for the job, and assured him of the support of the Institute’s Governing Council and members. As a worthy honorary senior member of the Institute, the CBN boss is expected to be guided always by ethics and professionalism in discharging his responsibilities to the financial sector and economy at large, she said.
In his response, Emefile assured 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 maintained that outsourcing the functions of bank supervision and examination may compromise the stability of the financial system, as the “CBN 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.”
