The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the importance of the judiciary to the economy is underscored by the fact that an efficient judicial system helps to strengthen confidence in our economy, which is required as part of our efforts to attract domestic and foreign direct investment.
Emefiele made the remarks at a workshop for judicial officers on the banking and financial services sector at the National Judicial Institute in Abuja Wednesday.
He said: “The presence of a fair and just legal system will help in attracting much needed foreign investments. Such investments will help to reduce pressure on our foreign reserves, enhance monetary and price stability, and reduce exchange rate volatility.”
Delivering his keynote address, the Chief Justice of Nigeria and Chairman, Board of Governors of the National Judicial Institute, Justice Olukayode Ariwoola said due to the rapid growth of technology and the consequential shifts in the banking landscape, it is crucial for judicial officers to understand the complexities and implications of this digital revolution.
He said: “The emergence of digital payment services brings forth the paramount concerns of cybersecurity and the protection of sensitive financial information. Given the escalating frequency and sophistication of cyber-attacks, it is crucial to establish a robust legal framework that safeguards the integrity of digital transactions and safeguards individuals against financial fraud.”