CJN hails Emefiele, CBN, for reforms in Nigeria’s Financial Sector, Gov woos Judiciary to ensure fair legal system

Chief Justice of Nigeria (CJN), Honourable Justice Olukayode Ariwoola, has commended the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, and the Bank, for the unwavering effort, dedication and proactive initiatives towards the growth of the economy. The Honourable Justice Ariwoola disclosed this on Wednesday, 24 May 2023, while declaring open the 2023 Central Bank of Nigeria Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers, which he said was 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 also aimed to create a platform for participants to exchange ideas and experiences, fostering meaningful discussions to address the legal challenges in adjudicating digital banking disputes effectively.

Speaking on the theme of the workshop, “The Law and Modern Banking: Adaptation and Issues regarding Digital Products and Services; Regulation of Payment Service Banks and Other Emerging Digital Payment Services,” he said the CJN said it was 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. Reeling out various innovations and reforms carried out by the Bank in recent times,  Hon Justice Ariwoola stressed that a collaboration between the judiciary, financial regulators, and industry stakeholders was of utmost importance if the country was to successfully navigate the challenges posed by modern banking and digital services. 

While advising judges to ensure that they strike a balance by interpreting and applying the law to encourage financial inclusion 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.  In his goodwill message, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, underscored the importance of the judiciary to the Nigerian economy, stressing that an efficient judicial system helps to strengthen confidence in the economy. 

He described the theme of the workshop as apt and germane to the current effort of the Bank towards attaining macro-economic and financial system stability, noting that the judiciary contributes to the effectiveness of the monetary policy, financial system stability, economic growth, and development through its interpretations of statutes and sometimes giving effect to the acts of the Government and its agencies. He, therefore, called on judiciary members to ensure the entrenchment of a fair and just legal system, which will help attract much-needed foreign investments to the country.  He said such investments would help to reduce pressure on the country’s reserves, enhance monetary and price stability, and reduce exchange rate volatility. 

Earlier in a welcome address, an elated Administrator of the National Judicial Institute, Hon. Justice Salisu Garba Abdullahi, described the importance of the workshop as valuable to equipping judicial officers with the indispensable knowledge and skills required to navigate the intricate landscape of modern banking, particularly concerning digital products and services.