By Darlington Uzodinma There is a growing concern about the source of funds for terrorists and other non-state actors. That worrisome feeling became a national issue when it was obvious that some unscrupulous and unpatriotic elements within the society are aiding and abetting terrorism by being an avenue for financing the criminal act for political and other incendiary purposes. The main issue was that the international financial platform took the matter seriously and Nigeria could not be left out, especially as it became an epicentre of terrorist activities. There was no denying the fact that terrorism and its manifestations- banditry and kidnapping for ransom, are trends in the country today that are a source of anguish for the people and their relations. It does not need to happen to one for one to appreciate the emotional and psychological torture it portends not minding the financial implications which are no guarantee that the victim will come back alive. At the peak of it, fingers were pointed at financial institutions, that is, the deposit money banks and the operators of the Bureau d’change. The intensity of the problem, especially its negative impact on national security, put pressure on the monetary and financial authorities to deploy means of combating Financing of Terrorism (CFT), and ensure measures to enhance cybersecurity. The Central Bank of Nigeria (CBN) rose to the occasion by implementing policy reforms and measures to ensure that its systems and processes were not compromised by actions inimical to national security interests. To achieve this goal of ensuring that non-state actors did not take unwholesome advantage of the banking and monetary system, the apex bank intensified its supervision of deposit money banks and other financial outlets. It also conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. The CBN also embarked on this action to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation. Furthermore, it has remained relentless in its drive to strengthen cybersecurity through an oversight mechanism across the financial system, mandating banks and other regulated institutions to conduct a comprehensive self-assessment of their cyber resilience. The measure ensured that deposit money banks, payment service banks, microfinance lenders, fintechs, and other financial institutions in compliance with the policy completed in record time its newly deployed Cybersecurity Self-Assessment Tool (CSAT) including a structured framework designed to evaluate firms’ exposure to cyber threats and their capacity to respond. The essential element of this policy thrust was efforts to bring about deeper, risk-based supervision by regulators. The overriding perspective is to generate a rapid growth of digital banking and electronic payments as a buy-in to the consumers’ confidence, check potential attack surface for cybercriminals and other heightened systemic vulnerabilities. The directive comes amid rising concerns about cyber threats targeting financial institutions globally, as the increasing reliance on digital platforms, third-party service providers, and cloud infrastructure exposes banks to more complex and evolving risks. For Nigeria’s banking sector, the policy is likely to heighten compliance obligations and accelerate investments in cybersecurity infrastructure, governance frameworks, and risk management systems. Smaller institutions, including microfinance banks and fintech firms, may face steeper adjustment costs as they work to align with the new requirements. According to the CBN, the collaborative effort will capture detailed information on cybersecurity governance, risk management practices, third-party exposures, incident response capabilities, and overall operational resilience. It is expected that feedback from the exercise will guide supervisory actions and strengthen regulatory oversight of technology risks across the sector. At the time the apex bank initiated the drive against the illicit funding of terrorists by enhancing confidence in cybersecurity processes, it relied on, or took for granted, the cooperation and integrity of institutions within its regulatory portfolio. For emphasis, it made its position clear that there will be consequences for inaccurate or misleading disclosures. Analysts say the CBN’s move could ultimately strengthen confidence in the financial system by ensuring that institutions adopt more robust safeguards against cyber incidents that could disrupt operations or erode customer trust. The deployment of the Customer Satisfaction Score, a widely used metric that measures how happy customers are with a company’s product, services or specific customer support interactions, also positions Nigeria alongside global regulatory trends, where Central Banks are increasingly prioritising cyber resilience as a core pillar of financial stability, particularly as digital finance deepens across emerging markets. The apex bank is not resting on its oars as it intensifies its Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Cybersecurity measures. It enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. These efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation.