Lamido Yuguda, deputy director of reserve management and foreign operations at CBN, said: "Wallstreet's successful implementation track record and extensive central bank experience were highly compelling factors when making the final selection decision. 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."
As part of CBN's new reserve management strategy Wallstreet Suite, once implemented, will automate its reserve management operations, while monitoring and managing both 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 solution will also be used to maintain an audit of all transactions.
"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," said Gavin Style, managing director of sales and client services at Wallstreet. "Our technology will deliver efficiency to the bank's reserve management operations, enabling it to thrive in a quickly evolving African market."
Wallstreet Suite is a fully integrated front, middle and back office solution. It will 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 solution will generate risk measurements for CBN and facilitate scenario analysis, strategies and return simulations.
Additionally, it will provide revenue and expenditure projections.