The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the support of the Judiciary is critical to the full operationalisation and implementation of the Banks and Other Financial Institutions Acts (BOFIA).
Emefiele disclosed this at the 2021 Judges workshop on recent reforms of the banking and financial services sector in Nigeria – BOFIA 2020 in focus
He said the workshop examined the Salient Provisions of the BOFIA 2020 and the necessity for economic reasoning in judicial decision-making.
Represented by the Deputy Governor, Financial System Stability, Aisha Ahmad, Emefiele said the judiciary must also evolve, adopting digital transformations and considering the broader objective of fostering growth and economic development in order to creditably adjudicate cases within the financial sector.
Speaking on the side-line of the meeting, Aisha said: “The provisions actually addressed a number of issues that strengthen stability, confidence of market users, and the market conduct which is very important.
“There has been a lot of innovation in the financial system and this has brought up different types of institutions that are providing financial services.
It is important as we celebrate this innovation. Those that use the financial system have confidence that market conduct is strong. There is consumer protection, and there is fairness in how these services are delivered