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The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority as part of its efforts to protect the country’s financial system from abuse by illicit actors, the bank said on Tuesday.
The apex bank said in a statement signed by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, that the supervisory priority covers terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and suspicious transaction reporting related to terrorism financing.
“The Central Bank of Nigeria has elevated terrorism financing supervision to a current supervisory priority as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors,” the central bank’s statement read.
CBN said it would continue to apply a risk-based supervisory approach, combining on-site examinations and off-site engagement, to strengthen Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) controls across the financial sector.
“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.
The move signals increased regulatory scrutiny of financial institutions’ systems for identifying and managing transactions that could be linked to terrorism financing.
Banks and other regulated financial institutions are expected to maintain robust internal controls, improve customer due diligence procedures and ensure timely reporting of suspicious financial activities.
The apex bank also said the heightened supervisory focus supports Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.
“Further supervisory engagement will be undertaken as appropriate,” CBN added.
The development follows the CBN’s directive in June directing banks and financial institutions to freeze accounts linked to individuals and entities designated for terrorism financing by Nigerian and United States authorities.
Press Release:
CBN Strengthens Supervisory Focus on Terrorism Financing Risk pic.twitter.com/GQdv67KWVd
— Central Bank of Nigeria (@cenbank) September 9, 2026
