The Central Bank of Nigeria (CBN) has vowed to consolidate on recent financial system reforms, emphasizing that compliance, innovation, and trust must continue to advance hand in hand to reinforce financial stability and strengthen Nigeria’s global credibility.
This pledge followed Nigeria’s exit from the grey list of the Financial Action Task Force’s (FATF), which places countries under increased monitoring.
In a statement on Saturday, the CBN said the decision came after a successful on-site evaluation of Nigeria’s anti-money laundering and counter-terrorist financing frameworks, marking a significant milestone in the country’s financial reform journey.
According to the governor of the apex bank, 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,” he added.
The apex bank’s contributions were instrumental in enhancing governance and transparency across the financial system.
Reforms assessed by FATF and its regional partner, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), included strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments.
Also, the apex bank expanded compliance monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability.
There was also enhanced inter-agency data sharing and enforcement coordination and implementation of market governance tools such as the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS).
These measures have materially improved Nigeria’s alignment with global standards, thereby boosting confidence in the integrity of its financial system.
The CBN reiterated its commitment to working with domestic and international partners to sustain a sound, transparent, and trusted financial system that supports inclusive and sustainable economic growth.