From Uche Usim, Abuja
The Central Bank of Nigeria (CBN) and the National Judicial Institute (NJI) are deepening their collaboration to fast track commercial litigation and ultimately boost financial system stability in the country.
The CBN Governor, Godwin Emefiele, while delivering his keynote address at the 2021 Workshop for Judicial Officers on Recent Reforms Of The Banking/Financial Services Sectors in Nigeria with BOFIA 2020 in Focus on Tuesday in Abuja, said the judiciary plays a key role in the economic stability of a country.
Emefiele, who was represented by Aisha Ahmad, Deputy Governor, Financial System Stability (FSS), noted that the entire Committee of Governors (COG) of the CBN, recognises the fundamental role of the judiciary in upholding the apex bank’s mandate and ensuring the orderly operation of the financial system. He opined that judicial officers, as custodians of the law, provide certainty of legal rights and the speed of fair and impartial resolution of commercial disputes; which is critical to building confidence in the banking and financial markets.
“This is why the bank prioritises these yearly engagements with the Judiciary on critical issues affecting the sector, with either the governor or a member of the COG attending.
“The Nigerian banking industry is strong, stable and resilient and continues to experience steady growth. Despite occasional shocks experienced over the last decade, it remains a strong instrument for economic growth and development through granting of credit facilities to the real sector of the economy, critical pass through for monetary policy measures and maintenance of world class innovative payment and settlement services.
“Banking reforms implemented over the past decade have ensured stability in the financial system, enabling the sector to deliver on these critical functions. Key policy reforms have centered on strengthening governance & risk management practices and enhancing the regulatory framework with the ultimate objective of ensuring overall solvency and stability of the sector,” Emefiele added.