The Central Bank of Nigeria (CBN) has released a framework to protect Other Financial Institutions (OFIs) against cyber-attack in the country
The apex bank conveyed this in a memo issued by Nkiru Asiegbu, CBN’s Director, Other Financial Institutions Supervision Department, addressed to the OFIs.
She explained that the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.
She added:“Due to the recent increase in the number and sophistication of cybersecurity threats and attacks OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound. Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cybersecurity,’’ she said.
She urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.
The framework prescribes improved cybersecurity oversight by the board of the OFIs and strict implementation of board-approved of cyber-security policies by their management.
It also recommends the appointment of a Chief Information Security Officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cyber-security risks in the OFIs, amongst other provisions.
Meanwhile,the Central Bank of Nigeria is collaborating with the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to wield the big stick on naira abusers in the country.
The apex bank said its latest action was sequel to the activities of some people who flagrantly abuse the legal tender at social functions.
Its acting Director, Corporate Communication, Osita Nwanisobi, said mishandling, defacing and hawking naira notes at social events are in violation of Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended)
He said:“The attention of the Central Bank of Nigeria has again been drawn to the activities of persons, who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions.There have also been cases where people mishandle the naira, deface it, hawk the currency at parties and reject the currency in some instances. It should be stated that, contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency which citizens trade in.
“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse, and defacing of the naira or such note shall be punishable under the law by fines or imprisonment or both.Accordingly, the Central Bank of Nigeria is collaborating with the Nigeria Police, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to address the unpatriotic practice.”
He warned Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the naira or risk being arrested by law enforcement agencies.
He added:“The naira is our legal tender and symbol of national pride. Let us respect it and handle it with care”
