FATF grey list removal has highlighted a major milestone in Nigeria’s financial reform journey.
Consequently, the CBN now vows to consolidate its recent gains.
Governor Olayemi Cardoso emphasised that Nigeria must advance compliance, innovation, and trust together to strengthen financial stability.
Strengthened Oversight And Transparency
Over the past two years, the federal government led a reform programme, and the CBN, Ministry of Justice, NFIU, and EFCC actively collaborated to implement changes.
They strengthened bank oversight, expanded monitoring of remittances and fintechs, improved inter-agency data sharing, and introduced governance tools such as the Foreign Exchange Code and EFEMS, increasing transparency and market integrity.
FATF Grey List Removal
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The announcement follows FATF’s thorough evaluation of Nigeria’s anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks, which confirmed significant progress.
This removal reflects growing integrity in Nigeria’s financial system and recognises the coordinated efforts of national institutions.
Boosting Confidence And Inclusion
These measures bring Nigeria closer to global standards, boost investor confidence, and reduce international finance costs.
As a result, cross-border transactions now move faster and cheaper, supporting trade, remittances, and wider financial inclusion.
Nigeria now joins South Africa, Mozambique, and Burkina Faso in achieving this milestone.
Exiting the grey list will ease global transactions and enhance the $20 billion annual remittance inflows.
Ultimately, the CBN remains committed to building a transparent, trusted financial system that drives inclusive, sustainable growth.
