The Central Bank of Nigeria (CBN) has issued a deadline for Deposit Money Banks, and other financial institutions under it’s regulation to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the nation’s financial system.
In a letter dated March 30, 2026, and published on its website on Tuesday, the apex bank said, “Institutions are required to submit their completed CSAT within the following timelines: i. Three (3) weeks – Deposit Money Banks (DMBs); ii. Five (5) weeks – All other regulated institutions.”
The directive, which takes immediate effect, introduced a Cybersecurity Self-Assessment Tool to evaluate the cyber risk exposure of regulated entities.
It read in part: “The Central Bank of Nigeria, in furtherance of its statutory mandate under the Banks and Other Financial Institutions Act (BOFIA) 2020 and consistent with its commitment to strengthening cybersecurity resilience across the financial sector, hereby notifies all Deposit Money Banks, Payment Service Banks, Microfinance Banks, Payment Service Providers, Finance Companies, and Development Finance Institutions of the deployment of its Cybersecurity Self-Assessment Tool”.
According to the regulator, the CSAT is designed as a supervisory instrument to provide a comprehensive view of financial institutions’ cybersecurity posture. It explained that the tool would assess critical areas, including governance structures, risk management frameworks, technology systems, third-party risk exposure, incident response capacity, and overall operational resilience.
“The CSAT is a structured supervisory instrument designed to obtain comprehensive information on the cybersecurity posture of regulated institutions,” the CBN said.
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The bank added that insights generated from the exercise would support risk-based supervision and enhance regulatory oversight of cybersecurity threats within Nigeria’s financial ecosystem.
To ensure compliance, the apex bank said all affected institutions must complete and submit the assessment through a dedicated portal, with access credentials to be communicated to their Chief Information Security Officers and other relevant officials.
“All submissions must be fully completed and accompanied by relevant supporting documentation, where applicable,” it stated, noting that the data to be provided must reflect institutions’ positions as of December 31, 2025.
The CBN also issued a warning against false or incomplete disclosures, stressing that accuracy and transparency would be strictly enforced.
“Supervised institutions are reminded that all information submitted to the CBN must be accurate, complete, and verifiable. Submission of false, misleading, or inaccurate information constitutes a regulatory breach and will attract appropriate sanctions,” the letter added.
It also disclosed plans to validate submissions through off-site reviews and supervisory engagements to confirm the data’s reliability.
