The Central Bank of Nigeria (CBN) has intensified its supervision of terrorism financing risks across the country’s financial system as part of efforts to prevent illicit actors from abusing banks and other financial institutions.
The apex bank said terrorism financing has become a key supervisory priority, alongside anti-money laundering, counter-proliferation financing and broader financial integrity measures.
The move is aimed at strengthening the ability of financial institutions to identify, monitor and report transactions linked to terrorism financing and other illicit financial activities.
Under the enhanced supervisory focus, the CBN said it would pay closer attention to terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions related to terrorism financing.
The Bank said the measures were part of its ongoing commitment to protecting the Nigerian financial system from abuse while ensuring that financial institutions comply with existing legal and regulatory requirements.
The CBN will apply a risk-based supervisory approach, using both on-site and off-site examinations to assess the effectiveness of anti-money laundering, counter-terrorism financing and counter-proliferation financing controls within regulated institutions.
