The Central Bank of Nigeria and Bank Negara Malaysia (Ce ntral Bank of Malaysia) have signed a memorandum of understanding in Kuala Lumpu r to share expertise and exchange relevant information in the areas of banking su p ervision, small and medium enterprises (SMEs), microfinance and Islamic finance a mong others, a statement from the apex bank said on Tuesday.
Other areas in which the two countries’ apex banks intend to collaborate include , monetary policy, development finance institutions, external reserve management , institutional arrangement for financial crisis management and resolution.
The rest are foreign exchange administration, performance management and corpora te strategy, leadership development and talent management.
According to the statement,the MOU was signed at the headquarters of the Bank Ne gara in Kuala Lumpur during a one-week study tour of Malaysian financial institu t ions by the Board of Directors of the Central Bank of Nigeria.
The study tour enabled the team to understudy the success of the Malaysian regul ator in the area of financial crisis management which has direct contextual rele v ance to the Nigerian situation.
Malaysia is a developing country that has achieved widely acknowledged economic success and the Bank Negara has had an effective financial stability framework s i nce the Asian financial crisis in the 1990s.