As a result of recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially the Other Financial Institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defenses if they are to remain safe and sound. 

Consequently, the Central Bank of Nigeria (CBN) hereby issues the attached Risk-Based Cybersecurity Framework and Guidelines for OFIs, which represents the minimum requirements to be put in place by all OFIs. 

The effective date for full compliance with the provisions of the guidelines is January 1, 2023 and all OFIs are expected to comply on or before that date. 

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