Central Bank of Nigeria (CBN) says its commitment to ensure that Nigerian banking sector is not used as a means of money laundering in or outside the country or illegal activities.

This assurance was made by CBN Governor Godwin Emefiele at the opening ceremony of Regional Course on “Combating Money Laundering and other Financial Crimes,’’ organised by West African Institution for Financial and Economic Management (WAIFEM).

On his part, the Director General of West African Institution for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, said that financial system stability is a major prerequisite for economic growth and development.

Meanwhile, the executive secretary, African Capacity Building Foundation (ACBF), Prof. Emmanuel Nnadozie, said that the foundation has supported West African Institution for Financial and Economic Management (WAIFEM), with about 8 million dollars for the past 15 years.

He said that the Purpose of the 1.3 million dollars grant being offered to the Institute now is to enable WAIFEM to consolidate and expand the scope of its activities within the next 18 months.

Our Correspondent reports that participants at the Regional Course viewed money laundering as a major threat to financial stability of every country and urged that steps must be taken to tackle it.

Other participating agencies at the Regional Course include Central Bank of Nigeria, Ministry of Finance and law enforcement agencies of Nigeria, Gambia, Ghana and Liberia.