…Says it will boost global confidence in reforms

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has described the country’s removal from the Financial Action Task Force (FATF) grey list as a strong vote of confidence in Nigeria’s ongoing economic and financial reforms.

In a statement signed by its Acting Director of Corporate Communications, Mrs. Hakama Ali, the apex bank said the FATF’s formal announcement followed a successful on-site evaluation that confirmed significant improvements in Nigeria’s efforts to combat money laundering, terrorist financing, and related crimes.

The decision, the CBN noted, marks a major milestone in the country’s two-year reform programme coordinated by the Federal Government, which involved multiple agencies including the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).

The statement quoted the CBN governor, Olayemi Cardoso saying: “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.”

The contribution of the apex bank centered on enhancing supervision, governance and transparency across the financial system.

“Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), FATF’s regional assessment body, included strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments, expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency; enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies; implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS).

“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.

“Nigeria joins South Africa, Mozambique, and Burkina Faso as the latest African countries to achieve this milestone, reflecting broader progress across the continent.

“The CBN remains committed 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,” the statement added.