CBN intensifies terrorism financing surveillance on banks

The Central Bank of Nigeria (CBN) has ramped up its scrutiny of banks and financial institutions in a bid to curb terrorism financing. In a recent press release, the apex bank highlighted that combating such threats has become a top supervisory priority. Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, announced this decision in a statement.

The CBN's intensified focus will scrutinize four crucial areas: risk management and transaction monitoring for terrorism financing, implementation of targeted financial sanctions, and suspicious transaction reporting. These measures will be implemented in line with existing legal and regulatory obligations.

The CBN emphasized that it would maintain a risk-based approach, combining both on-site and off-site engagements with financial institutions. This heightened vigilance aims to safeguard Nigeria's financial system from exploitation by illicit actors and aligns with the country's domestic and international efforts against terrorism financing and proliferation financing.

In addition to the intensified supervision, the CBN recently directed banks, payment service banks, and other financial entities to immediately freeze accounts, assets, and transactions associated with six individuals and four Bureau De Change operators linked to terrorism financing. Earlier this year, the CBN also introduced stricter controls on suspected fraudulent transactions, the enrollment process for Bank Verification Numbers (BVN), and data access within the banking sector. These measures were outlined in a circular issued by the CBN on March 12, 2026.