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Efficient Judicial System Attracts FDI– CBN

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Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), says an efficient judicial system will attract Foreign Direct Investment (FDI).

Cardoso said this in Abuja on Monday at the 22nd National Seminar on Banking and Allied Matters for Judges organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with the National Judicial Institute (NJI).

The governor, represented by Mr Kofo Salam-Alada, Director, Legal Services of CBN, said that investors were more willing to invest in jurisdictions which had efficient court systems that foster effective and timely adjudication of commercial disputes.

Cardoso said that such FDI reduces pressure on the foreign reserves, mitigate inflation and makes exchange rate less volatile, thereby enhancing monetary and price stability.

”The judiciary contributes to the effectiveness of monetary policy, financial system stability, economic growth and development through their interpretation of statutes.

”Sometimes, giving effect to the acts of the government and its agencies, where such statutes and acts relate to monetary policy, financial system stability, growth and development.

“Because judicial decisions are capable of significantly impacting the economy, it is necessary that economic reasoning is exhibited in judicial decision-making,” he said.

The President of the CIBN, Dr Ken Opara, said

 the seminar was to bring stakeholders in  banking and judiciary together to forge a common position on knotty legal issues which had implications on the banking industry.

Opara highlighted some issues facing the  financial services industry to include issuance of bankers orders by magistrate courts, EFCC’s Post No Debit Order, inappropriate deployment of garnishee, among others.

He re-emphasised the need for the creation of a specialised court to exclusively deal with commercial and financial cases as opposed to having divisions within the existing court structure.

On cybercrime, he said that financial sector was susceptible to cyber-attacks.

Opara said that new types of attacks were introduced, hence the need to improve capacity building in all sectors of the economy to combat this trend.

”It is our belief that giving special attention to financial and commercial disputes, would go a long way to enriching the financial system in the country,” he said.

The Administrator of the National Judicial Institute (NJI), Justice Salisu Abdullahi, said

the seminar would help to educate stakeholders on global best practices to promote a relevant judicial system.

Abdullahi, represented by the Secretary of NJI, Malam Abubakar Maidama, said it would also help to entrench sustainable solutions to the challenges of the banking sector.

Reports says that the seminar was organised by NJI in collaboration with the NJI. (NAN)

Economy

Naira Gains as CBN Reforms Show Impact

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The Naira appreciated in the official market on Friday, trading at N1,492.

49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.
The local currency ended Wednesday’s trading at N1,499.
11 against the Dollar. The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.
Analysts have praised the CBN for the steady progress of the Naira since December 2024. However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate. Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Speaking to newsmen on Friday, Aremu called for increased production to sustain the Naira’s gains. He described the currency’s steady appreciation against the Dollar as a positive development. “But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said. He urged the CBN to focus on boosting productive activity in the economy to maintain stability. According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity. “The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy. “If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise. “The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand. “Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said. He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira. Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions. “The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said. Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves. The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline. “We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated. “The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

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Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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