Central Bank authorities from eight developing countries (D-8) including Nigeria, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey yesterday agreed to foster collaboration among member countries for the purpose of monetary, fiscal stability and development of member nations.

At the maiden D-8 Central Bank Governors' meeting in Abuja, the members explored common grounds through which they could use their economies to subdue the economic challenges inflicted by the global economic and financial crisis.

Governor of the Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi said in his address that the meeting was necessitated by the role central banks play in national economies.

He noted that it had become crucial to review and adopt common regulatory regimes to safeguard financial systems stability and prevent a repeat of recent experience of the global meltdown.

He said the forum would provide opportunities for participating countries to pick one another's brain on issues bothering on strengthening financial surveillance mechanisms, enhancing the domestic financial system as well as exchange of experiences on the modalities for Islamic Finance.

A communiqué is expected to be issued at the end of the 'closed-door' meeting today.

The Minister of Finance Dr. Olusegun Aganga said areas of co-operation by D-8 central banks as drawn up by the secretariat was important especially for trade facilitation.

He said: "We owe ourselves the duty to promote trade among ourselves in order to grow our economy at a faster rate than North-South trade will ordinarily afford us."

Aganga said statistics show that the total population of D-8 countries is close to the population of India and China but the economic performance of the former does not compare with any of them as D-8 countries contribute only about 3 per cent of world trade.

He urged the central bank governors to work out modalities for competitive and stable real exchange rates so that governments and private sector will be assured of the value of their economic activities.

Sanusi said: "The objective of this D-8 Governors' Meeting is therefore to provide the modalities and mechanisms of economic and financial co-operation among member countries" noting that the outcome is expected to "deepen and broaden the exchange of ideas among individual countries for more policy implementation as well as strengthen cooperation among the D-8 nations."

He said challenges occasioned by the global crisis offered a genuine opportunity for members to work more closely to eliminate obstacles in the areas of cooperation. He added Nigeria will benefit from experiences in vital areas such as non-interest banking and microfinance-two areas that have warranted both the CBN and the Nigerian Deposit Insurance Corporation (NDIC) to undertake study tours recently to Malaysia.

The governor said the meeting was considered important, given that "we manage monetary policy, an essential element of the general macroeconomic management of our countries." He added: "Our complimentary role to the fiscal authorities will shape the economic destiny of each of our countries."

The D-8 was founded by former Turkish Prime Minister, Necmettin Erbakan in Turkey on June 15, 1997.