The Central Bank of Nigeria, CBN, has intensified its supervisory focus on terrorism financing as part of efforts to prevent the country’s financial system from being exploited by illicit actors.
The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali.
The CBN said terrorism financing risk management is now a current priority under its heightened supervisory focus.
According to the bank, particular attention will be given to the effectiveness of terrorism financing risk management frameworks, transaction monitoring systems and the implementation of targeted financial sanctions.
The apex bank also said it would strengthen its focus on the reporting of suspicious transactions linked to terrorism financing.
The move is aimed at strengthening safeguards within the financial system and ensuring that financial institutions comply with measures designed to prevent illicit funds from being used to finance terrorism.
