CRMI Applauds CBN’s New Digital Security Rules and NOFR Benchmark
The Chartered Risk Management Institute of Nigeria has welcomed the Central Bank’s new digital banking regulations aimed at curbing fraud, identity theft, and unauthorized access. The safeguards include a ₦20,000 transaction limit on new mobile banking apps in the first 24 hours, mandatory device binding, and real-time fraud monitoring. CRMI says these measures will reduce vulnerabilities during account activation and limit opportunities for cybercriminals. The Institute also praised the launch of the Nigerian Overnight Financing Rate (NOFR), which it expects will standardize funding rates, deepen markets, improve transparency, and support more effective monetary policy. The Institute urged banks, fintech firms, and payment service providers to invest in stronger cybersecurity, fraud analytics, staff training, and customer awareness. It reaffirmed its commitment to professional development and collaboration to support Nigeria’s shift to a more resilient digital economy.
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