The Central Bank of Nigeria (CBN) has intensified its oversight of terrorism financing, marking it as a critical priority in its ongoing campaign to shield the nation’s financial system from exploitation by illicit actors.
The apex bank announced the shift in a statement released by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali.
Under this heightened supervisory framework, the CBN will place particular emphasis on terrorism financing risk management, rigorous transaction monitoring, the enforcement of targeted financial sanctions, and the timely reporting of suspicious transactions.
The bank confirmed that it will continue to utilize a risk-based supervisory model—incorporating both on-site examinations and off-site monitoring—to bolster anti-money laundering, counter-financing of terrorism, and counter-proliferation financing (AML/CFT/CPF) controls across the entire financial sector.
According to the CBN, these enhanced measures will be executed in strict accordance with existing legal and regulatory frameworks.
The initiative is designed to bolster Nigeria’s domestic and international cooperation in counter-terrorism and counter-proliferation efforts, while simultaneously reinforcing broader goals of financial integrity.
“Further supervisory engagement will be undertaken as appropriate,” the statement added.
The CBN emphasized that this initiative underscores its steadfast commitment to safeguarding the Nigerian financial system against criminal activity and supporting international efforts to maintain global financial stability.
