Nigeria - CBN Technical Assistance (TA) Facility Project

Overview & Synopsis

The CBN Technical Assistance Facility Project for Nigeria aims to strengthen the Central Bank of Nigeria’s technology-enabled and data-driven supervision and oversight across the banking, non-banking, payments, and remittance ecosystems. The project will modernize CBN’s supervisory, regulatory, and data management functions through two components. Component 1: Supervision and Regulation Through Better Data and Technology will support the deployment of customized Supervisory Technology (SupTech) solutions, enhanced data governance, artificial intelligence-enabled analytics, automated supervisory workflows, capacity building for CBN staff and management, and the development of a centralized AI-enabled Digital Rulebook to improve regulatory clarity, transparency, accessibility, and compliance. Component 2: Remittance Systems and Foreign Exchange Flow Monitoring will strengthen the quality and use of remittance and foreign exchange data through a nationally representative remittance household survey, remittance diagnostics, digital remittance delivery pilots, and the design of a centralized real-time platform for monitoring and analyzing foreign exchange flows. Collectively, these interventions will enhance risk-based supervision, financial stability monitoring, fraud detection, cybersecurity resilience, regulatory transparency, and evidence-based policymaking, while strengthening oversight of evolving financial services, including payment providers, digital lenders, remittance service providers, and virtual asset platforms in Nigeria.