The Central Bank of Nigeria (CBN) has stepped up its supervisory focus on terrorism financing risks, making the issue a current priority in its efforts to safeguard the country’s financial system from abuse by illicit actors.

In a statement issued on Tuesday by Sidi-Ali, Hakama (Mrs), Acting Director, Corporate Communications and Investor Relations Department, the apex bank said the enhanced supervision would focus on terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.

The CBN said the move was part of its broader commitment to strengthening the resilience of the Nigerian financial system and ensuring that financial institutions maintain effective measures to prevent their platforms from being exploited for illicit activities.

The Bank said it would continue to deploy a risk-based supervisory approach, including on-site and off-site engagements, to assess and support effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector.

According to the CBN, the supervisory focus would also reinforce Nigeria’s ongoing domestic and international cooperation in combating terrorism financing and proliferation financing, while promoting financial integrity and protecting the financial system from illicit activities.

The apex bank added that further supervisory engagements would be undertaken as appropriate.