CBN Welcomes Nigeria’s Removal from FATF Grey List

The Central Bank of Nigeria (CBN) has commended the Financial Action Task Force (FATF) for its decision to remove Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.

The FATF’s announcement follows a successful on-site evaluation of Nigeria’s reform measures and acknowledges the country’s substantial progress in strengthening the framework for anti–money laundering, counter-terrorism financing, and counter-proliferation financin

A statement on Saturday by CBN’s acting Director Cooperate communication, Hakama Sidi-Ali, said this development represents a major milestone in Nigeria’s continuing efforts to enhance the integrity, transparency and credibility of its financial system.

Nigeria’s delisting is the outcome of a comprehensive two-year reform programme coordinated by the Federal Government and implemented through the CBN, Federal Ministry of Justice, Nigerian Financial Intelligence Unit (NFIU), and Economic and Financial Crimes Commission (EFCC).

The Central Bank’s contribution focused on strengthening regulatory oversight, improving governance standards, and expanding transparency within the financial system.

Reforms assessed by FATF and its regional partner, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), included:

* Revised AML/CFT regulations and risk-based supervisory frameworks.

* Expanded compliance monitoring for banks, bureaux de change, remittance operators, and fintech platforms.

* Enhanced inter-agency coordination and data sharing among regulatory and law-enforcement institutions.

* Implementation of market-governance tools such as the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS).

The CBN noted that Nigeria’s removal from the grey list will yield measurable economic benefits, including lower compliance costs, improved access to international financing, and more efficient cross-border transactions.

These outcomes are expected to facilitate trade settlements, increase remittance inflows and enhance the competitiveness of Nigerian enterprises, thereby promoting financial inclusion and supporting overall economic growth.

Governor Olayemi Cardoso described FATF’s decision as a strong affirmation of Nigeria’s reform direction and the growing credibility of its financial institutions.

“The FATF’s decision to remove Nigeria from the grey list is a clear acknowledgment of our reform trajectory and of the coordinated efforts by key national institutions to strengthen financial system integrity. Our focus now is to consolidate these gains by ensuring that compliance, innovation, and trust continue to reinforce financial stability and global confidence,” Cardoso stated.