CBN Elevates Terrorism Financing Supervision to Priority

The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority as part of efforts to strengthen safeguards against the abuse of the financial system by illicit actors.

The apex bank disclosed this in a statement signed by Sidi-Ali Hakama (Mrs), Acting Director, Corporate Communications and Investor Relations Department, and dated September 8, 2026.

According to the CBN, the enhanced supervisory focus will cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and suspicious transaction reporting linked to terrorism financing.

The Bank said the move was part of its ongoing commitment to protecting the Nigerian financial system from activities capable of undermining its integrity.

The CBN said, “This supervisory priority covers, at a high level, terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.”

It added that it would continue to deploy a risk-based supervisory approach, combining on-site and off-site engagements to assess and support compliance with anti-money laundering and counter-terrorism financing requirements.

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“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,” the statement said.

The CBN explained that the supervisory measures would also complement Nigeria’s domestic and international efforts to combat terrorism financing and proliferation financing while strengthening the country’s broader financial integrity framework.

“This supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system,” it said.

The apex bank further stated that additional supervisory engagements would be conducted where necessary as it continues to monitor risks associated with terrorism financing across the financial sector.

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