CBN Implements Stricter Oversight on Terrorism Financing

The Central Bank of Nigeria (CBN) has announced a significant shift in its supervisory agenda by placing terrorism financing risk at the forefront of its regulatory efforts. In a statement signed by Hakama Sidi-Ali, acting director of the Corporate Communications and Investor Relations Department, the CBN outlined plans for enhanced scrutiny of terrorism financing risk management, transaction monitoring, and the implementation of targeted financial sanctions.

The bank will continue to adopt a risk-based approach to ensure compliance with anti-money laundering regulations. This initiative will involve both on-site visits and off-site assessments to evaluate the effectiveness of controls within the financial sector.

The CBN emphasized that this supervisory focus aligns with Nigeria's cooperation with domestic and international partners on counter-terrorism financing and broader financial integrity goals. The announcement comes amid increasing pressure on Nigerian financial regulators to prevent the banking system from being exploited for terrorism or other criminal activities.