2 publishers · first seen Thu, 29 Oct 2026 06:12 UTC · updated Thu, 29 Oct 2026 09:31 UTC
The Central Bank of Nigeria (CBN) and the National Information Technology Development Agency (NITDA) have stated that more than 50 per cent of financial institutions in Nigeria are ready to comply with the country's payment data localisation policy ahead of the January 1, 2027 deadline. The Director of the CBN’s Payment System Supervision Department, Dr Rakiya Yusuf, and NITDA Director-General Kashifu Abdullahi, made the announcement at an Executive Regulatory Dialogue on the National Sovereign Cloud Initiative (NSCI) in Lagos. A joint survey by the regulators found that over half of the institutions assessed are prepared, with expectations that the remainder will meet requirements by the deadline. Yusuf said the CBN aims to support compliance, though sanctions will apply in cases of deliberate non-compliance. The policy is intended to strengthen digital sovereignty, ensure visibility over transaction data, and support financial system stability.
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