'FG Should Support Money Market to Stabilise Naira'
Economy
The Managing Director of Devcom Bank Limited, Mr. Zachariah Jacob has called on the government to support the money market in its quest to achieve stability in the value and exchange rate of the Naira.
Making this call in Lagos Tuesday at the meeting of members of the Money Market Association of Nigeria (MMAN), the Devcom Bank boss said the support of government has become necessary "because only a realistic exchange rate would facilitate the achievement of sustainable economic growth and development of the economy".
He, however, challenged the money market operators to expand their coverage to the growing volume of funds in the informal sectors given its potential for macro-economic stability of the economy.
Bringing these funds into the system Jacobs said, would increase the volume of funds in the system and empower banks to lend out to the real sector and other sectors of the economy for meaningful growth and development.
While commending members of the association for the roles being played by them in evolving a viable and robust money market in the country he explained that the world over, the money market occupies a critical position in the financial system as it serves as a transmission channel between the banking public and the financial services sector. "To simply put, soundness or weakness of any economy would be dependent on the viability of its money market", he said.
Although he admitted that a lot still needed to be done he maintained that the money market, especially in the last five years, has achieved some level of stable macro-economic fundamentals and reasonable stable interest rate regime coupled with a realistic value of the Naira.
He expressed the optimism that with deserved recognition accorded the Association by government agencies the Association is now better place to make positive impact in the growth and development of the Nigerian money market.
But to adequately maximize the opportunity that this would bring, the association he said, must continue to ensure that it promote professionalism among its members and conduct its business professionally. This would further enhance the level of service delivery in the system and bring about a high level of dignity to the profession, he said
Earlier, the president of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Samuel Kolawole also stressed the need for professional development of banks' staff, saying this should be the joint responsibility of the of the bank management and the CIBN.
Speaking on "Professional Development of Banks' Staff : Imperatives for Banks' Management and The Chartered Institute of Bankers of Nigeria," Kolawole who was represented by the CIBN Registrar, Mr. Essan Ogunleye urged bankers to "adhere strictly to the highest standards of ethics and morals."
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