The Central Bank of Nigeria (CBN) has revealed that approximately half of Nigeria’s financial institutions are prepared for the data localisation compliance deadline set for January 2027. This disclosure was made in a recent report, although the CBN has not specified the exact number of institutions ready for the transition. According to THISDAYLIVE, the CBN expects full compliance with the regulation, warning that deliberate non-compliance will attract sanctions. This development comes as the Nigerian Investment Promotion Commission (NIPC) has been tasked with ensuring the implementation of the data localisation policy across all sectors. The CBN’s data localisation policy requires that critical data, including financial transactions, customer data, and sensitive personal information, be stored and processed within the country’s borders. The policy is aimed at promoting data sovereignty and enhancing cybersecurity within Nigeria’s digital economy. The CBN’s announcement indicates a promising start towards achieving these goals, but it remains to be seen how the remaining institutions will adapt to the new regulations.
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