Explainer: Why CBN wants banks to strengthen cyber resilience as digital banking expands

As Nigerian banks deepen their use of digital channels, the Central Bank of Nigeria (CBN) is placing greater emphasis on cybersecurity, data protection and business continuity as critical elements of a resilient financial system. The shift reflects the changing nature of risks facing banks. As more customers access banking services through digital platforms, disruptions to technology systems, cyberattacks or failures involving third-party service providers can potentially affect not only individual institutions but also confidence in the wider financial system. Muhammad Sani Abdullahi, deputy governor, Corporate Services, CBN, said banks must continuously strengthen their capacity to protect customers and maintain reliable services as financial operations become increasingly digital. “Risk management must extend beyond credit risk to market, liquidity and operational risks, as well as cybersecurity, third-party dependencies and climate-related financial risks,” Abdullahi said at the 38th Seminar for Finance Correspondents and Business Editors organised by the Finance Correspondents Association of Nigeria in Abuja. He said banks needed frameworks capable of identifying these exposures early and enabling management to respond before they threaten an institution’s resilience. Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The shift reflects the changing nature of risks facing banks. As more customers access banking services through digital platforms, disruptions to technology systems, cyberattacks or failures involving third-party service providers can potentially affect not only individual institutions but also confidence in the wider financial system. Muhammad Sani Abdullahi, deputy governor, Corporate Services, CBN, said banks must continuously strengthen their capacity to protect customers and maintain reliable services as financial operations become increasingly digital. “Risk management must extend beyond credit risk to market, liquidity and operational risks, as well as cybersecurity, third-party dependencies and climate-related financial risks,” Abdullahi said at the 38th Seminar for Finance Correspondents and Business Editors organised by the Finance Correspondents Association of Nigeria in Abuja. He said banks needed frameworks capable of identifying these exposures early and enabling management to respond before they threaten an institution’s resilience. Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Muhammad Sani Abdullahi, deputy governor, Corporate Services, CBN, said banks must continuously strengthen their capacity to protect customers and maintain reliable services as financial operations become increasingly digital. “Risk management must extend beyond credit risk to market, liquidity and operational risks, as well as cybersecurity, third-party dependencies and climate-related financial risks,” Abdullahi said at the 38th Seminar for Finance Correspondents and Business Editors organised by the Finance Correspondents Association of Nigeria in Abuja. He said banks needed frameworks capable of identifying these exposures early and enabling management to respond before they threaten an institution’s resilience. Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

“Risk management must extend beyond credit risk to market, liquidity and operational risks, as well as cybersecurity, third-party dependencies and climate-related financial risks,” Abdullahi said at the 38th Seminar for Finance Correspondents and Business Editors organised by the Finance Correspondents Association of Nigeria in Abuja. He said banks needed frameworks capable of identifying these exposures early and enabling management to respond before they threaten an institution’s resilience. Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

He said banks needed frameworks capable of identifying these exposures early and enabling management to respond before they threaten an institution’s resilience. Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Why cybersecurity matters to banks Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Banking is increasingly dependent on technology. Customers now rely on digital channels to transfer money, make payments, access accounts and carry out other financial transactions. This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

This means the resilience of a bank is no longer determined only by the strength of its balance sheet. A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

A bank may have adequate capital and liquidity but still face serious operational disruption if its digital infrastructure is compromised or becomes unavailable. For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

For this reason, the CBN said banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Abdullahi said innovation creates opportunities for financial institutions, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure. The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The growing third-party risk Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Digital banking also means banks increasingly depend on technology providers and other third parties for parts of their operations. This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

This creates another layer of risk because disruption at a critical service provider could affect the bank’s ability to deliver services even when the institution’s own systems remain operational. The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The CBN therefore identified third-party dependencies as part of the broader risk-management framework that banks need to strengthen. The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The objective is to ensure that institutions can identify vulnerabilities early, respond to disruptions and restore services quickly. From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

From prevention to recovery Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Cyber resilience goes beyond trying to prevent attacks. For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

For banks, resilience also means having the capacity to continue critical operations during a disruption and recover quickly afterwards. This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

This explains the CBN’s emphasis on disaster recovery and business continuity. Banks are expected to have systems and processes that allow them to maintain essential services and restore affected operations when disruptions occur. Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Abdullahi said the CBN would expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Why stronger capital is not enough The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The cybersecurity warning comes as the Nigerian banking industry emerges from a major recapitalisation exercise. According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

According to Abdullahi, 33 banks had met the revised minimum capital requirements by the end of the two-year programme announced in March 2024, raising N4.65 trillion. The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The stronger capital base is expected to give banks greater capacity to finance the economy and absorb losses during periods of stress. But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

But the CBN’s message is that stronger balance sheets must be accompanied by stronger risk management. “Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

“Capital, however, is a starting point,” Abdullahi said, stressing the need for sound controls, early risk recognition and responsible management. This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

This means the post-recapitalisation test for banks will not be limited to how much capital they have raised. Their ability to manage operational, technological and emerging risks will also determine how resilient they are. A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

A broader definition of banking resilience The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The CBN is also taking a broader view of the risks that could affect financial institutions. Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Abdullahi identified geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change as factors that could transmit shocks across borders through financial, trade and technology channels. Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Such risks can affect capital flows, exchange rates and external buffers, making financial-sector resilience increasingly interconnected with developments outside the banking system. He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

He said resilience requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

What the CBN is doing The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The CBN said its supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing. Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

Financial-sector coordination, consumer protection, fintech regulation, responsible innovation and crisis preparedness will also remain important. For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

For banks, this means cybersecurity and operational resilience are becoming part of the broader regulatory expectations around governance and risk management rather than issues that can be treated separately from conventional banking risks. What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

What this means for bank customers For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

For customers, stronger cyber resilience should translate into safer digital transactions, better protection of personal and financial information and more reliable access to banking services. The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share

The CBN’s expectation is that customers should be able to continue accessing their funds and using payment services even when banks face technological or operational disruptions. This also makes consumer protection an important part of financial-system resilience. Abdullahi said a financial system that people can access, understand and trust is better positioned to support lasting economic growth. As Nigerian banks move further into digital banking, therefore, the resilience of the sector will increasingly depend on more than capital adequacy. It will also depend on how effectively institutions protect data, secure digital channels, manage technology-related risks and maintain essential services when disruptions occur. Related News Relief for manufacturers as Dangote reduces diesel price by N80 Nigeria is attracting more dollars, but the naira is barely responding How Walmart is rewriting global retail logistics from above Hope Moses-Ashike Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa. Share