The Central Bank of Nigeria (CBN) has sounded the alarm on cybersecurity, urging banks to invest heavily in safeguarding depositors’ savings from hackers.
Speaking at the Nigeria Economic Summit in Abuja on Monday, CBN Governor Olayemi Cardoso emphasized the need for robust risk management systems to stay ahead of cybercriminals.
According to Cardoso, who was represented by Adetona Adedeji, CBN’s acting director of banking supervision, the banking sector’s innovative electronic banking services require strong cybersecurity frameworks.
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“There has been a lot of innovation in the banking sector today, especially in e-channels,” Adedeji said. “We want customers to be protected from criminals… We don’t want a situation where hackers exploit vulnerabilities and steal their money.”
The CBN has introduced early warning systems to detect and address emerging risks, ensuring the safety of depositors’ funds. Cardoso also addressed concerns about the monetary policy rate (MPR) increase despite a drop in inflation.
“We are focused on targeting inflation through interest rate increases, but we understand the impact this has on businesses… Our current priority is price stability, but we are aware that businesses must continue to function.”
In May 2024, the CBN issued guidelines on the national cybersecurity levy, mandating banks to deduct 0.5% of electronic transactions’ value to fund cybersecurity initiatives.
However, recent reports indicate that the CBN has directed banks to stop implementing the 0.5% cybersecurity charges.
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