The Central Bank of Nigeria (CBN) has identified terrorism financing supervision as a current priority as it intensifies efforts to strengthen the country’s financial system against abuse by illicit actors.
The apex bank said the move forms part of its ongoing commitment to protecting Nigeria’s financial sector and strengthening measures designed to prevent financial institutions from being exploited to fund terrorism and other illicit activities.
In a statement issued on September 8, 2026, and signed by the Acting Director of the Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, the CBN said its supervisory focus would cover key areas of terrorism financing risk management.
These include the monitoring of terrorism financing transactions, implementation of targeted financial sanctions, and the reporting of suspicious transactions linked to terrorism financing.
The Bank said it would continue to adopt a risk-based supervisory approach, using both on-site and off-site engagements to assess and support the effectiveness of anti-money laundering, countering the financing of terrorism and counter-proliferation financing controls across the financial sector.
According to the CBN, the supervisory approach will be implemented in line with existing legal and regulatory obligations governing financial institutions in Nigeria.
The latest move places greater emphasis on the ability of financial institutions to identify, monitor and report transactions that could potentially be linked to terrorism financing.
Beyond domestic financial regulation, the CBN said the initiative also supports Nigeria’s ongoing domestic and international cooperation in areas including counter-terrorism financing, counter-proliferation financing and financial integrity.
The Bank noted that strengthening these safeguards is also essential to protecting the integrity and stability of the Nigerian financial system.
The CBN said further supervisory engagements would be undertaken as appropriate as it continues to assess terrorism financing risks within the financial sector.
The announcement comes as Nigeria continues efforts to strengthen its financial intelligence and regulatory frameworks against illicit financial flows and the financing of terrorism.
By increasing scrutiny of financial transactions and strengthening compliance with sanctions and suspicious transaction reporting requirements, regulators seek to make it more difficult for illicit actors to exploit legitimate financial channels.
