Court rulings from Nigeria can affect, foreign investments, Cardoso warns judiciary institutions

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says that rulings given by a number of Nigerian courts have a direct bearing on foreign direct investment (FDI) into the country.

Cardoso revealed this on Monday in Abuja during the 22nd National Seminar for Judges on Banking and Related Topics, which was hosted by the National Judicial Institute (NJI) and the Chartered Institute of Bankers of Nigeria (CIBN).

The CBN governor, who was represented by the Director of CBN Legal Services, Kofo Salam-Alada, said that investors tended to place their money in places that had strong legal systems that facilitated the speedy and efficient settlement of commercial issues.

Cardoso added that such FDI enhances monetary and price stability by lessening the burden on foreign reserves and lowering inflation and exchange rate volatility, according to a report by the News Agency of Nigeria, NAN.

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

“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.”