The Central Bank of Nigeria (CBN) has urged financial institutions to make significant investments in cybersecurity to protect depositors from hackers.
Dr. Adetona Adedeji, Acting Director of Banking Supervision, issued the call during a panel at the Nigeria Economic Summit in Abuja.
He noted that with the rapid rise in electronic banking innovations, banks must implement robust risk management systems to stay ahead of cybercriminals.
Adedeji stressed the importance of protecting depositors, who have been encouraged to trust the banking system rather than hoarding cash.
He highlighted the CBN’s concerns about maintaining business operations amid inflation, emphasizing the balance between targeting inflation through interest rate hikes and ensuring economic stability.
Additionally, Adedeji noted that rent-seeking behaviors in foreign exchange markets are being addressed by the CBN in collaboration with fiscal authorities.
He concluded by emphasizing the need for secure banking systems that guarantee the safety of customers’ funds, ensuring public trust in Nigeria’s financial inclusion efforts.
