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The Central Bank of Nigeria (CBN) has called on banks to significantly enhance their cybersecurity investments to protect depositors’ savings from increasingly sophisticated cyber threats.
Speaking at the Nigeria Economic Summit in Abuja, Dr. Adetona Adedeji, Acting Director of Banking Supervision at the CBN, emphasized the importance of robust cybersecurity measures, especially in light of the rapid innovations in electronic banking. During a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment,” Dr. Adedeji highlighted the need for banks to proactively defend against cybercriminals to prevent losses for customers.
“There has been considerable innovation in the banking sector, particularly with e-channels. As such, we require a comprehensive risk management system, and we expect all banks to implement a strong cybersecurity framework,” Dr. Adedeji stated.
He stressed that protecting depositors’ funds is a priority, especially as the CBN has been actively working to encourage financial inclusion by promoting banking over informal cash storage. “We’ve worked hard to convince people to trust the banking system, and we can’t allow hackers to undermine that trust by exploiting vulnerabilities and stealing their money,” he added.
Dr. Adedeji urged banks to develop systems that ensure the safety of customers’ deposits, saying, “We want Nigerians to be confident that they can deposit their money today, sleep peacefully, and find their funds secure when they wake up tomorrow.”
In addressing the CBN’s broader economic policies, Dr. Adedeji acknowledged the central bank’s ongoing efforts to reduce inflation. He explained that while the CBN has raised interest rates to curb inflation, it remains conscious of the impact on businesses. “We are committed to bringing down inflation but are mindful of maintaining business operations,” he remarked.
He further elaborated on the CBN’s foreign exchange policies, noting that the central bank is working to tackle imbalances caused by market speculators. He highlighted the collaboration between the CBN and fiscal authorities to address liquidity challenges, especially those linked to the Federation Accounts Allocation Committee (FAAC) disbursements, which often drive spikes in foreign exchange demand across the states.
Dr. Adedeji concluded by reiterating the CBN’s commitment to both economic stability and safeguarding depositors, urging banks to take decisive action on cybersecurity to maintain public trust in the financial system.
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