CBN, NDIC partner World Bank on deposit insurance system

The Central Bank ofNigeria (CBN) andthe Nigeria Deposit Insurance Corporation (NDIC) are partnering with the World Bank in ensuring an effective deposit insurance system.The governor of the CBN, Mallam Sanusi Lamido Sanusi, made this disclosure, saying that Nigeria must continue to maintain a benchmark to attain international best practices in compliance with core principles for an effective deposit insurance system.Sanusi was speaking on Tuesday in Abuja at the opening ceremony of the International Association of Deposit Insurers (IADI) workshop.The CBN governor said that the workshop with the theme:'The Assessment of Compliance With the Core Principles for Effective Deposit Insurance Systems,' would provide a platform for the acquisition of the necessary analytical skills for the assessment of compliance indicators.He further said that the CBN, NDIC and other stakeholders in the financial sector had embarked on several reform initiatives to strengthen the regulatory framework of the Nigerian financial system.Sanusi added that the IADI, which is part of the World Bank, provided an opportunity for the exchange of experiences and sharing of ideas among deposit insurers around the globe on the varying circumstances and conditions prevalent in various countries.According to him, the recent reform initiaives in the banking industry had brought up critical areas of cooperation between the CBN, NDIC and other regulatory agencies in the financial system.Speaking on the event, the Managing Director of the NDIC, Umaru Ibrahim, said Nigeria being the first African country to implement the Assessment Methodology, clearly indicated that the corporation was an important member of the IADI and a key player in the nation's financial safety net arrangement.
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