CBN Intensifies Supervision on Terrorism Financing Risks

The Central Bank of Nigeria (CBN) has announced an elevation in its supervision of terrorism financing, marking it as a current supervisory priority. This initiative aims to protect the Nigerian financial system from exploitation by illicit actors.

The statement, signed by Hakama Sidi-Alli, Acting Director of the Corporate Communications and Investor Relations Department, outlines that the heightened oversight will concentrate on terrorism financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious transaction reporting related to terrorism financing. The CBN will adopt a risk-based supervisory approach, incorporating both on-site and off-site engagements to bolster anti-money laundering and counter financing of terrorism (AML/CFT) controls across the financial sector.

This supervisory focus aligns with Nigeria’s ongoing domestic and international efforts to enhance financial integrity and counter terrorism financing. The CBN reiterated its commitment to safeguarding the financial system from illicit activities while supporting Nigeria's broader financial integrity initiatives.