The Central Bank of Nigeria made stopping terrorism money a main priority, warning banks to catch illegal transactions immediately.
The Central Bank of Nigeria has officially told all banks and money companies in Nigeria that stopping bad people from sending money for terrorism is now its main job.
The central bank made this big announcement through an official press statement issued on Tuesday, September 8, 2026.
Under this new directive, every commercial bank, digital financial firm, and money transfer business across Nigeria must quickly tighten their security systems.
The central bank wants to make sure that no criminal can use any bank account or mobile money app in West Africa to send money that fuels violence or illegal acts.
The main reason why the central bank is making this move right now is to protect the whole country’s financial system from being used by bad actors.
Officials said financial institutions must closely monitor four key areas: how they manage terrorism financing risks, how they screen money transfers in real time, how they prevent banned individuals from moving money, and how quickly they report suspicious accounts to the government.
Central bank inspectors will be visiting bank branches physically and checking computer reports remotely to catch any institution that allows dirty money to pass through without being stopped immediately.
Explaining why the central bank is making this strict rule to protect the nation’s financial system, the bank’s official spokesperson shared the official direction.
Giving the official reason for the new directive, the Acting Director of Corporate Communications at the bank, Hakama Sidi Ali, stated that “the Central Bank of Nigeria has elevated terrorism financing supervision to a current supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors”.
Explaining how bank inspectors will check banks across the country, she added that “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”.
Banks with slow security systems risk heavy penalties or losing their banking licenses if they fail compliance tests. To solve this problem for banks, security technology teams have built automated engines like OmniGuard to check transactions in less than one second before money moves.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
