The Central Bank of Nigeria (CBN) is seeking the collaboration of the Nigeria Bar Association (NBA) to develop a robust, globally competitive and market friendly legal framework for Nigeria’s financial sector by year 2020.
Already, the CBN is leading other stakeholders through the Financial System Strategy 2020 (FSS2020) to achieve stability of the financial system in the country.
“FSS 2020 intends to apply the instrumentality 23 of the law as a vehicle to fast-track the development of Nigeria’s financial system. As such, this is one area where the CBN would need the support of the NBA”, Emefiele said.
The CBN specifically want NBA to willingly partner with it in the area of legislative advocacy to ensure quick promulgation of robust legislation in support of the chosen policy options.
Also, the apex bank wants support of NBA for the establishment of Commercial Courts in Nigeria to facilitate speedy resolution of commercial disputes, among others.
Emefiele stressed the need to develop adequate frameworks and appropriate tools for managing financial stability, particularly, Macro-Prudential Policy, Micro-Prudential policy and Crisis Management Continuum as one of the major lessons learnt from the recent global financial crises.