Over the past few months, particularly since the start of 2026, Nigerian regulators have rolled out a series of high-impact policies and directives across the financial system.
While some of these measures made headlines at the time they were announced, many quietly introduced significant changes that could affect banks, fintechs, businesses, investors, and millions of consumers.
From new ATM deployment rules and tighter Bank Verification Number (BVN) requirements to fresh cybersecurity obligations and foreign exchange reforms, the regulatory landscape has continued to evolve rapidly.
That is why, for this edition of Regulatory Watch, Nairametrics reviewed some of the most important recent pronouncements from the Central Bank of Nigeria (CBN) that could shape banking operations, digital payments, foreign exchange access, and consumer protection in the months ahead.
On March 31, 2026, the Central Bank of Nigeria introduced a mandatory Cybersecurity Self-Assessment Tool (CSAT) for all regulated financial institutions as part of efforts to strengthen the resilience of Nigeria’s financial system against rising cyber threats.
- Under the directive, Deposit Money Banks (DMBs) were given three weeks to complete and submit the assessment, while other financial institutions, including microfinance banks, payment service providers, and fintech firms, were given five weeks to comply. The assessment is to be submitted through a dedicated regulatory portal.
- The apex bank said the CSAT would serve as a supervisory tool to evaluate the cybersecurity readiness of financial institutions, particularly as digital banking transactions continue to grow rapidly across the country. The move also comes amid increasing concerns over fraud, ransomware attacks, identity theft, and attempted breaches targeting banks and fintech platforms.
For banks and fintech companies, the directive means increased compliance obligations and likely additional investments in cybersecurity infrastructure, internal controls, and staff training. Institutions found to have weak cybersecurity frameworks could face stricter regulatory scrutiny in the coming months.
For consumers, the move is expected to improve the safety of digital banking platforms and reduce exposure to fraud and service disruptions, especially as more Nigerians rely on mobile banking apps, transfers, and digital wallets for everyday transactions.
