Business

CBN Releases Framework To Protect ‘Other Financial Institutions’ Against Cyberattacks

Published

2 years ago

August 18, 2021

NewTimes

Emefiele Sick, Can't Meet With Reps - CBN

A framework to protect ‘other financial institutions’ against rising cyberattacks in the country has been released by the Central Bank of Nigeria (CBN).

This was contained in a memo by Nkiru Asiegbu, CBN’s director at the Other Financial Institutions Supervision Department.

Asiegbu disclosed that the framework was necessitated by the number and sophistication of cybersecurity threats and attacks against the OFIs.

“Due to the recent increase in the number and sophistication of cybersecurity threats and attacks on OFIs, it has become necessary and mandatory for the sub-sector to strengthen its cyber resilience if it is to remain safe and sound,” said the CBN director. “Consequently, the CBN is releasing the draft framework and guidelines stipulating minimum requirements for enhancing cybersecurity.”

She urged the OFIs to forward their input on the draft to the OFI supervision department of the apex bank.

The framework prescribed improved cybersecurity oversight by the board of the OFIs and strict implementation of board-approved cybersecurity policies by their management.

It also recommended appointing a chief information security officer (CISO), vested with the responsibility of day-to-day cybersecurity and mitigation of cybersecurity risks in the OFIs, amongst other provisions.

(NAN)

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Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

5 days ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

6 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.