The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, has commended the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, and the Bank, for the unwavering effort, dedication and proactive initiatives towards the growth of the economy.
Ariwoola disclosed this on Wednesday, while declaring open the 2023 CBN Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers, which he said was designed to explore strategies that would aid the legal system in adapting to the rapid and significant changes in the banking sector.
The workshop was themed: “The Law and Modern Banking: Adaptation and Issues regarding Digital Products and Services; Regulation of Payment Service Banks and Other Emerging Digital Payment Services,”
Ariwoola 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 CJN said it was necessary to have a comprehensive understanding of the regulatory framework put in place by the CBN 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, Ariwoola stressed that a collaboration between the judiciary, financial regulators, and industry stakeholders was of utmost importance if Nigeria is 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.
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.
In his goodwill message, 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.
He noted 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.
The CBN Governor therefore, called on members of the judiciary to ensure the entrenchment of a fair and just legal system, which will help attract the much-needed foreign investments into the country.
He said such investments would help to reduce pressure on Nigeria’s reserves, enhance monetary and price stability, and reduce exchange rate volatility.
Earlier in a welcome address, the Administrator of the National Judicial Institute, 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.
