CBN Confirms 2027 Deadline for Local Data Storage Compliance

The Central Bank of Nigeria (CBN) has reaffirmed that the deadline for financial institutions to store and manage payment transaction data generated in Nigeria locally is set for 1 January 2027, with no extensions. This requirement, outlined in a circular dated 15 June 2026, mandates that compliance must encompass the entire lifecycle of payment data, including creation, processing, storage, and disposal.

Dr Rakiya Yusuf, Director of the CBN’s Payments System Supervision Department, emphasized the importance of institutions auditing their systems and reviewing contracts with technology providers to ensure compliance. Institutions must also maintain service continuity and data integrity during the transition.

Financial institutions are expected to demonstrate progress in addressing any compliance gaps. The CBN's initiative aims to strengthen Nigeria's control over sensitive financial information and bolster the domestic cloud and data center market.

The discussion surrounding this deadline was part of a broader effort to enhance Nigeria's digital sovereignty.