The Central Bank of Nigeria (CBN) has stepped up its supervisory oversight of terrorism financing, identifying it as a current priority in efforts to prevent the country’s financial system from being exploited by illicit actors.
The apex bank disclosed this in a statement signed by Hakama Sidi-Ali, Acting Director of its Corporate Communications and Investor Relations Department.
Under the enhanced supervision, the CBN said particular attention would be given to terrorism financing risk management, transaction monitoring, the implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.
The bank said it would continue to apply a risk-based supervisory approach, combining 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 carried out in line with existing legal and regulatory requirements.
The apex bank said the initiative would also reinforce Nigeria’s domestic and international cooperation in combating terrorism financing and proliferation financing, while supporting broader efforts to strengthen financial integrity and safeguard the financial system.
“Further supervisory engagement will be undertaken as appropriate,” the CBN said.
The bank added that the heightened focus reflects its continued commitment to protecting Nigeria’s financial system from illicit activities and strengthening financial integrity in line with both domestic and international standards.
