During the 1st Consultative Forum, BSS outlined the challenges the Bank was facing, including; •  The capacity constraints in conventional banking operations;  •  Facilitating Government borrowing from the domestic market and putting in place the necessary infrastructure;  •  The need to put in place a framework and appropriate instruments for monetary policy implementation;  •  The adverse impact of stoppage of oil revenues that led to reduced foreign currency revenues; and,  •  The need to establish a functioning Capital Market  The CBK on its part identified a number of areas that it could provide support.
This, combined with the challenges highlighted by BSS formed the basis for mutual cooperation between the two Central Banks. During the 2nd Consultative Forum which was held in October 2012, we agreed to form a Technical Committee (TC) to fast-track the implementation of issues discussed during the 1st Consultative Forum. The Terms of Reference of the Technical Committee were drawn up and agreed upon.