• Sun. Jun 4th, 2023

    CBN canvasses for reforms, fair legal system in Nigeria’s Financial Sector

    ByBassey Udo

    May 25, 2023

    To help strengthen confidence in the economy and embolden the regulatory authority in the financial sector to discharge its mandate towards the attainment of macro-economic and financial system stability, the judiciary must entrench a fair and just legal system, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has said.

    Emefiele who stated this on Wednesday in a goodwill message he sent to the 2023 CBN Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers, said a fair, just and equitable legal system would help attract the much-needed foreign investments to the country.

    Such investments, he pointed out, would help to reduce pressure on the country’s foreign reserves, enhance monetary and price stability, and reduce exchange rate volatility.

    He acknowledged the important role the judiciary plays towards the effectiveness of monetary policy, financial system stability, economic growth, and development, particularly in interpreting statutes and sometimes giving effect to the Acts of the government and its agencies.

    The CBN governor described the theme of the workshop as apt and germane as it aligned with the current effort by the apex Bank towards attaining macroeconomic and financial system stability in the country.

    While declaring the workshop open, the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, commended the CBN governor and the Bank for their unwavering efforts, dedication and proactive initiatives towards the growth of the economy.

    The CJN said the workshop, with the theme: “The Law and Modern Banking: Adaptation and Issues regarding Digital Products and Services; Regulation of Payment Service Banks and Other Emerging Digital Payment Services,” was designed to explore strategies that would aid the legal system in adapting to the rapid and significant changes in the banking sector.

     He said the workshop was also aimed at creating a platform for participants to exchange ideas and experiences, and foster meaningful discussions to address the legal challenges in adjudicating digital banking disputes effectively.

    “It is necessary to have a comprehensive understanding of the regulatory framework put in place by the Central Bank of Nigeria and compare it with other relevant laws and regulations establishing the legal frameworks governing digital products and Services,” the CJN said.

    Speaking on the various innovations and reforms carried out by the CBN in recent times to promote various digital products and services in the financial system, Ariwoola stressed the need for collaboration between the judiciary, financial regulators, and industry stakeholders if the country was to successfully navigate the challenges posed by modern banking and digital services.

    While advising judges to ensure they strike a balance in exercising their roles by interpreting and applying the law to encourage financial inclusion in the financial system, while safeguarding consumer interests.

    He urged them to take advantage of the training to enhance their understanding of the legal complexities associated with digital products and services offered by the CBN.

    Earlier the Administrator of the National Judicial Institute, Justice Salisu Garba Abdullahi, described the workshop as a valuable initiative to equip judicial officers with the indispensable knowledge and skills required to navigate the intricate landscape of modern banking, particularly

    concerning digital products and services in the country.

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