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 its enhanced supervision would focus on how financial institutions identify and manage terrorism financing risks, monitor transactions, enforce targeted financial sanctions and report suspicious activities associated with terrorism financing.
The bank said it would continue using a risk-based supervisory framework, combining on-site inspections with off-site monitoring, to strengthen measures against money laundering, terrorism financing and proliferation financing across the financial sector.
According to the CBN, the supervisory measures will be carried out in line with existing laws and regulatory requirements.
The apex bank said the initiative was also intended to strengthen Nigeria’s domestic and international cooperation in combating terrorism financing and proliferation financing while promoting greater integrity within the financial system.
“Further supervisory engagement will be undertaken as appropriate,” the CBN said.
The bank stressed that the intensified oversight formed part of its broader responsibility to protect Nigeria’s financial system from illicit activities and ensure that financial institutions maintain effective controls against emerging financial crime risks.
The CBN added that the initiative would contribute to ongoing efforts to strengthen the country’s financial integrity and reinforce confidence in the Nigerian financial system at both national and international levels.
