The Central Bank of Nigeria (CBN) says it elevated the supervision of terrorism financing risks to a priority as part of efforts to prevent the country’s financial system from being exploited by illicit actors.

A statement on Tuesday by  the acting spokesperson for the apex, Hakama Sidi-Ali, said the priority covers terrorism financing, risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.

“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,” she said.

Ms Sidi-Ali stated the 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.

“Further supervisory engagement will be undertaken as appropriate,” she added.