The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday said recalcitrant debtors had exploited the lack of prioritisation of credit recovery matters by the Nigerian judicial system to frustrate debt recovery efforts of financial institutions in the country. The governor said this known in Abuja at a workshop for judicial officers on recent reforms of the banking financial services sectors in Nigeria: Banks and other Financial Institutions Act, 2020 in Focus. Emefiele who was represented by the Deputy Governor, Financial System Stability, Aisha Ahmad, emphasised the importance of the judiciary in upholding CBN’s mandate and ensuring orderly operation of the financial system. Speaking on the significance of the BOFIA 2020, he said the act was expected to reinvigorate the Nigerian banking sector as it would engender a sound and stable financial system that would support sustainable growth and development of the Nigerian economy. He said the BOFIA 2020 also strengthened the Anti-Money Laundering and Combating Financing of Terrorism Framework by mandating regulated entities to comply with AML/CFT and cybersecurity regulations.

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