CBN Urges Banking Sector to Boost Cybersecurity Investments

The Central Bank of Nigeria (CBN) has underscored the critical necessity for the banking industry to invest continuously in cybersecurity, data protection, disaster recovery, and business continuity. This statement was made by Dr. Muhammad Sani Abdullahi, the Deputy Governor of Corporate Services at CBN, during the 38th Seminar for Finance Correspondents and Business Editors held in Abuja on September 29, 2026.

Dr. Abdullahi highlighted that as financial services transition to digital channels, public trust hinges on secure transactions and reliable access to funds. He noted that the CBN will maintain a risk-based supervisory approach, focusing on macroprudential surveillance and enhanced stress testing.

The CBN aims to ensure that consumer protection and financial inclusion are integral to resilience in the financial system. He also mentioned the importance of supporting rural communities, women, and young entrepreneurs through improved banking services and productive lending, which should ultimately benefit the wider economy.