The Central Bank of Nigeria (CBN) has emphasized the importance of robust cybersecurity measures for banks in the country to safeguard depositors’ savings from hackers.
Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion at the ongoing Nigeria Economic Summit. He acknowledged the rapid advancements in electronic banking and the need for banks to stay ahead of cybercriminals to prevent customer losses.
Adedeji highlighted the CBN’s commitment to protecting customers’ funds and ensuring their peace of mind. He emphasized the importance of banks developing strong cybersecurity frameworks to guarantee the safety of depositors’ money.
While the CBN is focused on combating inflation through interest rate increases, Adedeji acknowledged the impact on businesses. He assured that the bank is mindful of the need to maintain a balance between inflation control and ensuring the viability of businesses.
Regarding the foreign exchange policy, Adedeji noted that the CBN is working to address challenges faced by rent-seekers and achieve equilibrium in the market. He also highlighted ongoing collaboration with fiscal authorities to address the correlation between FAAC releases and liquidity at the state level.
The CBN’s call for enhanced cybersecurity measures underscores the critical importance of protecting depositors’ funds in today’s digital age. By investing in robust cybersecurity frameworks, banks can safeguard their customers’ savings and contribute to the overall stability of the financial sector. Sources and related content
