The Central Bank of Nigeria on Tuesday signed a memorandum of understanding with the German Development Agency in the area of financial system stability, microfinance and banking reforms.

The move, according to a statement by the CBN, was to enable it achieve a virile financial system by 2020.

It quoted the Governor of the CBN, Mr. Sanusi Lamido, as saying that the essence of the cooperation was to ensure stability in the financial system.

He noted that the MOU presented greater opportunities to do more work and advised that the cooperation should clearly spell out the targets to be achieved.

It also quoted the German team led by the Country Director, Karl Bruening, as highlighting the areas of cooperation to include microfinance, laws and regulations as well as banking sector reforms.

In the cooperation agreement, the statement said the GIZ would assist in developing a toolkit for financial sector reforms using the FSS 2020 model as well as providing technical assistance and guidance to the FSS 2020 Secretariat.

Source: Punch/Ifeanyi Onuba