CBN Hails Nigeria’s Exit from FATF Grey List, Cites Improved Financial Integrity
Oru Leonard
Nigeria has achieved a major milestone with the decision of the Financial Action Task Force’ (FATF), to remove the nation from grey list after implementing key reforms.
A press release signed by the Acting Director, Corporate Communications of the Central Bank of Nigeria (CBN), Mrs Hakama Sidi Ali, disclosed that the apex, welcomed the Financial Action Task Force’s (FATF), decision to remove Nigeria from its grey list of jurisdictions under increased monitoring.
This development follows a successful two-year reform program coordinated by the Federal Government, involving key agencies such as the CBN, Nigerian Financial Intelligence Unit (NFIU), and Economic and Financial Crimes Commission (EFCC).
According to the statement, jey reforms include: Enhanced supervision, governance, and transparency across the financial system; Expanded reporting and monitoring across remittance channels, bureaux de change, and fintech platforms; Improved data-sharing and enforcement coordination between CBN, NFIU, EFCC, and law enforcement bodies and Implementation of Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS).
The exit from the Grey List has a positive outlook to the nations economy in many ways.
There will be reduced costs for businesses and households; Easier access to foreign capital; Quicker and more affordable transactions and boosted confidence confidence in Nigeria’s financial system and economic management
CBN Governor 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.” The CBN remains committed to collaborating with domestic and international partners to sustain a sound, transparent, and trusted financial system.
Commenting on the announcement, Governor 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.”
As Nigeria joins South Africa, Mozambique, and Burkina Faso as the latest African countries to achieve this milestone, the CBN reiterates 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.
