The Central Bank of Nigeria (CBN) says it is working on code to assist it in regulating activities of commercial banks.

The CBN Director for Financial Policy and Regulations, Mr Sola Awoyungbo, disclosed this in an interview with newsmen on Thursday in Lagos.

He said that the code would define the caliber of people who would be on the board of commercial banks in Nigeria.

“We want to promote the independence of those on the board of banks. We must have independent directors on the board of banks. They should not be shareholders.

“They should be people who are independent in their opinions. They must, however, have relevant experience.

“We want the appointment of people of integrity because they are expected to monitor the activities of the management on behalf of the shareholders”, he said.

According to Awoyungbo, the code, which will be ready soon, will highlight the required qualifications and experiences of intending bank directors.

Awoyungbo said that the apex bank was also working to reduce the stringent conditions given to customers who wanted to open accounts with commercial banks.

“The CBN is working on third party identification for bank customers who engage in minimal transactions in commercial banks.

“Since they aren’t operating high volume  transactions, they do not expose the banks to high risks.

“These people can be identified by a clergy or somebody who is well respected in the society. This will guarantee financial inclusion for people in this category”, he said.

He said that the CBN was also working on creating a platform that would enlighten the public on the kind of service to expect from banks.

“We are reviewing the guidelines for banking services. We want to articulate these services through radio jingles, newspaper adverts and road shows.

“This will create awareness in the public about their roles, responsibilities and expectations from banks. It will also minimise the friction between the banks and their customers”, Awoyungbo said.