Wall Street Systems signs Central Bank of Nigeria

Wall Street Systems signs Central Bank of Nigeria

Central Bank of Nigeria (CBN) is implementing technology from trading and treasury systems vendor Wall Street Systems to automate its reserve management processes.

The vendor says CBN is deploying its Wallstreet Suite to create consistencies throughout the organisation and enable transparency and control over reserves.

The technology will automate CBN's reserve management operations and monitor and manage risk and performance. This will involve generating the official records of all international monetary reserve investment operations at CBN, from trade entry to payments and receipts. The system will also be used to maintain an audit of all transactions.

Wallstreet Suite will also be used to maintain CBN's positions for total international monetary reserves at aggregate and segmented levels, as well as establish benchmarks, daily implied resources and performance projections. The technology will generate risk measurements for CBN as well as provide revenue and expenditure projections, says the vendor.

Commenting on the technology, Lamido Yuguda, deputy director of reserve management and foreign operations, CBN, says: "Not only does this solution promise a low total cost of ownership, but it will also help us make better-informed decisions and optimise returns. The deployment will begin immediately."

Gavin Style, MD, sales and client services, Wallstreet, adds: "By opting for a single, fully integrated solution to support its foreign reserve instruments and operations, CBN will reduce its overall level of risk and complexity. This is increasingly important as its reserves continue to rise and the bank expands its investment portfolio."

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