The Nigerian Banking Policy will be reviewed during a webinar by experts from within and outside of the nation as part of efforts to improve banking and economic operations.
The Commercial Law Research Network of Nigeria, in partnership with the Global South Dialogue on Economic Crime and the University of Reading, organized a webinar to evaluate the effectiveness of the banking sector’s regulatory structure.
The focus of the online discussion was “The Practitioners’ Perspective on the Banks and Other Financial Institutions Act, 2020,” according to a statement by Dr. Folashade Adeyemo, one of the webinar organizers and a lecturer of law at the University of Reading.
In the case of Nigeria, it is no stranger to banking failures and crises. To improve the regulation, the Banks and Other Financial Institutions Act, BOFIA 2020 was signed into law by President Muhammadu Buhari of Nigeria in November 2020.
The conversation, which took place on August 31, was required, according to Adeyemo, to assess the efficacy of Nigeria’s banking regulations. “Effective banking regulation is important in terms of maintaining the stability of any economy and financial system. It is vital that the regulatory structure maintains its effectiveness to ensure that the economy is not impacted and continues to thrive.”
