April 01, (THEWILL) — The Central Bank of Nigeria has issued a directive requiring banks and other financial institutions to strengthen their cybersecurity frameworks within a defined compliance timeline as part of efforts to protect Nigeria’s financial system from rising digital threats.
In a circular to regulated institutions, including banks and payment service providers, the apex bank instructed operators to align their cybersecurity systems with updated regulatory standards aimed at safeguarding financial infrastructure and customer data.
Under the directive, financial institutions are expected to review their existing cybersecurity architecture, strengthen internal control systems, and deploy improved threat detection and response mechanisms capable of identifying and mitigating cyber risks in real time.
The move comes amid growing concerns over the rise in cyber fraud, hacking attempts, and data breaches targeting financial institutions globally, particularly as Nigeria’s digital payments ecosystem continues to expand rapidly.
The regulator also emphasised stronger governance structures around cybersecurity, directing banks to ensure that senior management and boards play a more active role in cyber risk oversight and compliance.
Industry analysts say the directive reflects the Central Bank of Nigeria’s increasing focus on safeguarding financial stability as electronic transactions and online banking services gain wider adoption across the country.
Institutions that fail to comply with the new requirements within the stipulated timeline risk regulatory sanctions, according to the circular.
The policy is expected to strengthen confidence in Nigeria’s banking system by ensuring financial institutions adopt robust cybersecurity measures capable of preventing, detecting, and responding effectively to emerging digital threats.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
