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🇳🇬 NigeriaTechnologyStory: Nigeria monetary policy

Nigeria’s central bank wants payment data repatriated

By , based on Leadership

Nigeria’s central bank wants payment data repatriatedIllustrative image · panumas nikhomkhai · Pexels · Licence Pexels

The Central Bank of Nigeria wants electronic transaction data brought back to the country, as Nigeria recorded 1.05 quadrillion naira across more than 12 billion transactions in the first quarter, according to the Nigeria Inter-Bank Settlement System. The aim is to strengthen data security and reduce dependence on infrastructure hosted abroad, Leadership reports.

Electronic transactions in Nigeria reached 1.05 quadrillion naira in the first three months of 2026, across more than 12 billion operations, according to data from the Nigeria Inter-Bank Settlement System (NIBSS), the body that processes the country’s interbank payments. As the number of transactions carried out through technology infrastructure hosted abroad increases, the Central Bank of Nigeria (CBN) is asking financial institutions and other payments players to keep data generated in Nigeria locally from 1 January 2027.

The measure is intended to allow the CBN to access the information needed to monitor transactions, investigate irregularities and contribute to the stability of the financial system. It also aims to limit risks linked to technological failures, geopolitical tensions and other external disruptions, according to the Central Bank of Nigeria.

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Nigeria monetary policy

Nigeria’s central bank requires 15 billion naira from issuers, captures 3,560 billion naira, and wants to repatriate payment data.

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