Over 50% of Financial Industry Ready for Data Localisation, Says CBN

The Central Bank of Nigeria (CBN) says more than half of the country’s financial industry is ready to meet data localisation requirements, with all institutions expected to comply by January 2027. At a Lagos dialogue with NITDA on the National Sovereign Cloud Initiative, CBN director Rakyat Yusuf said the bank would prioritise helping institutions comply but would impose sanctions for deliberate non-compliance. Deputy Governor Lamido Yuguda called for stronger digital sovereignty without restricting innovation or isolating Nigeria from global technology. NITDA Director-General Kashifu Abdullahi said Nigeria’s technology ecosystem could support the initiative’s implementation.