The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to complete a newly introduced cybersecurity self-assessment tool (CSAT) to strengthen resilience across the financial system. The move is part of broader efforts to enhance regulatory oversight and manage cyber risks.
New Tool Targets Cybersecurity Readiness
The Central Bank of Nigeria (CBN) announced the directive in a circular dated March 30, stating that the Cybersecurity Self-Assessment Tool (CSAT) is designed to evaluate the cyber risk posture of regulated institutions.
According to the regulator, the initiative aligns with its mandate under the Banks and Other Financial Institutions Act 2020 (BOFIA 2020), which empowers it to ensure the stability and integrity of Nigeria’s financial system.
Mandatory Submission Through Dedicated Portal
The apex bank instructed all affected institutions to complete and submit the CSAT via a designated online portal.
Access to the platform, along with detailed guidance, will be provided to Chief Information Security Officers (CISOs) and other relevant officials within financial institutions.
“All referenced institutions are required to complete and submit the CSAT through a dedicated submission portal,” the circular stated.
Data Requirements and Compliance Deadline
The CBN specified that all submissions must reflect cybersecurity data as of December 31, 2025, and should include supporting documentation where necessary.
The regulator noted that insights from the exercise will inform risk-based supervision and strengthen oversight of cybersecurity threats across the banking sector.
Warning Against False Submissions
The bank warned that any submission containing false, misleading, or inaccurate information would be treated as a regulatory violation under BOFIA 2020.
It added that compliance checks, including off-site reviews and supervisory engagements, will be carried out to verify the accuracy of the data provided.
Strengthening Financial System Resilience
The directive underscores the CBN’s increasing focus on cybersecurity as a critical component of financial stability, especially amid rising digital transactions and evolving cyber threats.
Analysts say the CSAT initiative could help identify vulnerabilities and improve preparedness across Nigeria’s banking ecosystem.
