The Central Bank of Nigeria (CBN) has called on banks across the country to invest heavily in cybersecurity measures to safeguard depositors’ savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this appeal during a panel discussion on Fiscal and Monetary Policy Reforms at the Nigeria Economic Summit in Abuja.
Dr. Adedeji emphasized the rapid advancements in electronic banking and stressed the importance of banks staying ahead of cybercriminals. He noted that the CBN expects every bank to establish a strong cybersecurity framework to protect customers from potential fraud.
“We’ve made great progress convincing people to trust banks with their money, and the last thing we want is for hackers to undo that trust,” Adedeji said. He reiterated that a secure system is vital to ensuring that customers can bank their funds with peace of mind, knowing their money is safe.
Dr. Adedeji also discussed the CBN’s efforts to combat inflation, acknowledging the challenges posed by interest rate increases while emphasizing the need for price stability to maintain a healthy business environment.