The Executive Governor of the Central Bank of Liberia (CBL), Hon. J. Aloysius Tarlue, Jr. has received assurances from the Central Bank of Nigeria (CBN) for technical assistance. The assurances were given by Governor Godwin I. Emefiele of the CBN on Friday, February 21, 2020 in Abuja, Nigeria.
The assistance is in response to a request from Executive Governor Tarlue to the Nigerian Central Bank Authorities. In his meeting with the Deputy Governor for Financial System Stability, Mrs. Aishah Ahmed, Executive Governor Tarlue recounted the continued support that Nigeria has rendered to Liberia, including Nigeria’s role in restoring peace during Liberia’s Civil War (1989 -2003). Speaking on behalf of the Governor of CBN, Mrs. Ahmed underscored the need for greater cooperation and partnership among Member States of the West African Monetary Zone (WAMZ) to promote regional economic integration, economic growth and development in the region. She indicated CBN’s commitment to supporting sister central banks in the Zone in whatever way she can.
Executive Governor Tarlue highlighted the urgent need for capacity building at the CBL as his administration strives to rebuild public confidence in the CBL and the banking system at large. He lamented that this was crucial if the CBL and the financial system are to play their rightful roles in the economic recovery of Liberia, especially at a time when the Liberian economy is experiencing serious challenges.
The areas of technical assistance discussed by the two central banks covered: IT audit, banking operations and currency management, procurement, internal audit and controls, monetary policy operations, research and macroeconomic forecasting capability, financial markets operations, banking supervision, payments system, etc. The discussion also covered the possibility of establishment a currency swap arrangement between Liberia and Nigeria, with the aim of promoting trade and investment between the two countries, thereby alleviating the need for foreign exchange for such activities.
The proposed arrangement is expected to be conducted through the banking system, which would bring relief to Liberians trading with Nigeria, especially small and medium businesses. The Executive Governor also requested for experience sharing on the CBN’s Anchor Borrowers’ programme, a flagship programme, for financing the agricultural sector, which has significantly transformed the agricultural sector in Nigeria and empowered several thousand smallholder farmers in Nigeria. He further indicated the crucial role that agricultural sector could play in transforming the Liberian economy and create jobs for the youth and rural population.
It can be recalled that upon assumption of office, CBL Executive Governor Tarlue expressed his commitment to reforming the Bank to rebuild confidence.
The Executive Governor was accompanied to the meeting in Abuja by Deputy Governor for Economic Policy, Dr. Musa Dukuly, Senior Technical Advisor, Mr. Mussah A. Kamara, and Senior Advisor for Multi-lateral Relations, Mr. Michael B. Ogun.