The assistance of the judiciary, according to the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is crucial to the full operationalisation and implementation of the Banks and Other Financial Institutions Acts (BOFIA).

This was revealed by Emefiele at the 2021 Judges Workshop on Recent Reforms in Nigeria’s Banking and Financial Services Sector – BOFIA 2020 in Focus.

According to Emefiele, the workshop focused on BOFIA 2020’s key provisions and the importance of economic thinking in judicial decision-making.

What the CBN Governor said

Emefiele, who was represented by Aisha Ahmad, the Deputy Governor for Financial System Stability, said the judiciary must evolve as well, adopting digital transformations and considering the broader goal of fostering growth and economic development in order to adjudicate cases in the financial sector with credibility.

Speaking on the side, 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.”

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