Operators in the financial sector have said that there is a need to have a vibrant money market that will boost economic development.

The Financial Markets Dealers Association was quoted in a statement as saying that this would be a major focus during its upcoming seminar in Lagos with the theme, “Developing a vibrant and liquid money market as an effective catalyst to spur economic growth: Focus on the interbank market.”

It stated that the Managing Director/Chief Executive Officer, Citibank Nigeria Limited,  Akinsowon Dawodu; Managing Director/Chief Executive Officer, SunTrust Bank Limited, Ayo Babatunde; and Director, Financial Markets Department, Central Bank of Nigeria, Mrs Angela Sere-Ejembi, had confirmed attendance at the money market seminar of the FMDA.

The participants would be sharing their experiences and thoughts towards building a vibrant and liquid money market, at the money market workgroup of the FMDA, it noted.

The statement added, “The seminar, supported by the FMDQ OTC Securities Exchange, will provide a forum for financial markets participants and other stakeholders to deliberate on perspectives for developing a thriving and liquid money market to spur economic growth.”

It added that the opening remarks at the event would be delivered by the Vice President, FMDA, Mrs Adetoun Dosunmu.

The Acting Executive Secretary, FMDA of Nigeria, Mrs Mary Gbegbaje, said the welcome address would be delivered by Sere-Ejembi, while Dawodu would be speaking on the role of money market in financial market development.

The FMDA is an association of licensed Deposit Money Banks operating within the Nigerian financial market, with emphasis on regulatory policy engagement/advocacy and professional ethics in the financial markets.