Central Bank warns cyber weaknesses could destabilize Nigeria's financial system
Dr Rakiya Yusuf warns that vulnerabilities in one institution could spread rapidly through interconnected financial networks.
The Central Bank of Nigeria has urged banks and fintechs to treat cybersecurity risks as critical threats to the nation's economic stability. Dr Rakiya Yusuf, Director of Payments System Supervision at the CBN, stated during a conference in Abuja that weak links in financial institutions could trigger widespread disruption across the entire system. She described this potential contagion as a "one-fire" effect capable of destabilizing financial markets through interconnected networks. The warning emphasized that growing reliance on fintechs, payment providers, and cloud operators has created new channels for cyber threats. Yusuf said security measures must extend beyond internal systems to protect the wider ecosystem. She noted that vulnerabilities in any single point could spread rapidly across multiple institutions.
