The Central Bank of Nigeria (CBN) has called on banks to invest heavily in cybersecurity to safeguard customers’ deposits from the growing threat of cybercrime. Dr. Adetona Adedeji, Acting Director of Banking Supervision at CBN, made this statement during a panel discussion at the Nigeria Economic Summit in Abuja.
Dr. Adedeji highlighted the rapid advancements in electronic banking and stressed the need for a strong cybersecurity framework to prevent hackers from exploiting banking systems.
“We have seen a lot of innovation in the banking sector, especially in electronic channels. Banks need to be one step ahead of criminals,” he said.
He further emphasized the importance of risk management in ensuring depositors’ funds are safe, noting, “We want customers to feel secure knowing that their money is protected and not at risk of being stolen by hackers.”
The CBN official also addressed the bank’s ongoing efforts to combat inflation through monetary policy adjustments, acknowledging the challenges businesses face as a result. He assured that the central bank is working closely with fiscal authorities to strike a balance between curbing inflation and supporting business operations.
Dr. Adedeji also touched on foreign exchange policy, stating that the CBN is committed to maintaining stability and preventing speculative practices that disrupt the economy.