Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have pledged closer collaboration to further strengthen the capital market and the Nigerian financial system in general.
This was part of the outcome of a meeting between Dr. Okwu Joseph Nnanna , deputy governor, Financial System Stability, CBN, (who was on an official visit to the Commission) and Management of the SEC, led by Mounir Gwarzo Ag. director general, in Abuja.
This collaboration is coming on the heels of the decline in the price of crude oil in the international market and its impact on the Naira’s exchange rate as well as the Nation’s capital market.
Gwarzo described the collaboration as timely especially given the difficulties being experienced in the economy at the moment and hoped that both regulators would work in tandem in finding solutions to the issues.
“You have come at the right time; we crave one-on-one collaboration with various institutions as we believe it is very important in finding solution to our economic problems as a Nation. We need to collaborate on major areas beyond the platform provided by the Financial Services Regulation Coordinating Committee (FSRCC)” he said.
He mentioned that one of the policy thrusts of the present management of the Commission was the empowerment of trade groups in the Capital Market which he said would enhance collaboration in resolving complaints and developing the market.
He explained that this was why the SEC had to review its complaints management framework to enable trade groups handle complaints and resolve them and this he said would be better for the market.
He also stated that the Commission was leveraging on making it mandatory for every registered operator to belong to a trade group.
Speaking earlier, Dr. Nnanna said he was on the visit to the Commission to familiarize with the Ag. DG and also find ways to strengthen the financial market.
He said, “We are here to familiarize with the new Ag. DG. There is much happening in the financial system and that is why I am here for bilateral meeting so that we can agree on a few things to revive the system, particularly the capital market”.