….Vows To Intensify Sound, Transparent, Trusted Financial System Drive
The Central Bank of Nigeria (CBN) had described the removal of Nigeria from the Financial Action Task Force’s (FATF’s) list of jurisdictions under increased monitoring, known as the “grey list”, following a successful on-site evaluation of reforms implemented across the financial system as a welcomed development.
The apex bank, in a statement by its Acting Director, Corporate Communications, Mrs. Hakaami Sidi-Ali, noted that the FATF decision recognized significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing.
In addition, it maintained that the delisting of the country from the FATF’s grey list marked an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.
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The CBN stated that the FATF’s decision followed a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including itself, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC).
Specifically, the Sidi-Ali stated that the CBN’s contribution centred on enhancing supervision, governance, and transparency across the financial system.
She listed the key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, as including Strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments; and Expansion of compliance reporting and monitoring across remittance channels, Bureaux de change, and fintech platforms to improve traceability and transparency.
Others were Enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies; and Implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS).
The Acting Director further clarified: “Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.
“Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable. In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange – enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion.
“The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management. Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external balances, credible policy execution, and renewed monetary-policy credibility. Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater transparency, and a reform agenda increasingly aligned with global standards”, she added.
Commenting on the announcement, the CBN Governor, Mr. Olayemi Cardoso said: “The FATF’s decision to remove Nigeria from the grey list is a strong affirmation of our reform trajectory and the growing integrity of our financial system. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains, ensuring that compliance, innovation, and trust continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.”
With the delisting from the FATF’s grey list, Nigeria has joined South Africa, Mozambique, and Burkina Faso as the latest African countries to achieve this milestone, reflecting broader progress across the continent.
The CBN restated its commitment to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards financial stability and market integrity while advancing inclusive and sustainable economic growth.
