CBN Elevates Terrorism Financing Supervision As Current Priority

The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing, making it a current priority in its efforts to prevent the country’s financial system from being exploited by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali.

Under the heightened supervisory focus, the CBN said it would pay particular attention to terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.

The bank said it would continue to deploy a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) controls across the financial sector.

According to the CBN, the measures will be implemented in accordance with existing legal and regulatory requirements.

The apex bank said the move also supports Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and broader efforts to strengthen financial integrity and protect the financial system.

“Further supervisory engagement will be undertaken as appropriate,” the CBN added.

The bank said the initiative underscores its ongoing commitment to safeguarding the Nigerian financial system against illicit activities while supporting efforts to strengthen financial integrity at both domestic and international levels.