The Central Bank of Nigeria has directed banks and other financial institutions to submit detailed reports on their cybersecurity frameworks within three weeks, in a move to strengthen oversight and safeguard the financial system against rising digital threats.

In a circular to Deposit Money Banks (DMBs), Payment Service Banks, Microfinance Banks, fintechs and other regulated entities, the apex bank announced the deployment of a Cybersecurity Self-Assessment Tool (CSAT) to evaluate institutions’ resilience to cyber risks.

Under the directive, DMBs are required to complete and submit the assessment within three weeks, while all other financial institutions have a five-week deadline.

The CBN said the tool is designed to obtain comprehensive information on the cybersecurity posture of regulated institutions, covering governance structures, risk management processes, technology controls, third-party risks, incident response capabilities and overall operational resilience.

“The insights derived from the CSAT will support risk-based supervision and enhance regulatory oversight of cybersecurity risks across the financial system,” the bank stated.

The regulator added that access to the submission portal and detailed guidelines would be provided to Chief Information Security Officers and relevant officials of the affected institutions.

The directive requires that all submissions reflect data as at December 31, 2025, and must be accompanied by supporting documentation where applicable.

The CBN warned that all information provided must be accurate, complete and verifiable, stressing that submission of false or misleading data would constitute a regulatory breach under the Banks and Other Financial Institutions Act (BOFIA) 2020 and attract sanctions.

It also disclosed plans to conduct validation exercises, including off-site reviews and supervisory engagements, to confirm the accuracy of submissions.

The circular takes immediate effect, underscoring the urgency of the apex bank’s push to reinforce cybersecurity resilience across Nigeria’s financial sector.