The Central Bank of Nigeria (CBN) says it welcomed the Financial Action Task Force’s (FATF) formal announcement of Nigeria’s removal from the grey list—jurisdictions under increased monitoring—following a successful on-site evaluation of reforms implemented across the country’s financial system.
The apex bank noted that the FATF’s decision highlights significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks in combating money laundering, terrorist financing, and proliferation financing.
According to a statement, the milestone is a testament to Nigeria’s ongoing efforts to strengthen financial system integrity, transparency, and international confidence.
The two-year reform program, coordinated by the Federal Government alongside key agencies including the CBN, Federal Ministry of Justice, Nigerian Financial Intelligence Unit (NFIU), and Economic and Financial Crimes Commission (EFCC), has been central to this achievement, it noted.
According to the statement, the CBN- led enhancements in supervision, governance, and transparency within the financial sector.Key reforms assessed by the FATF and the inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) include strengthened oversight of financial institutions with enhanced AML/CFT regulations, expanded compliance reporting across remittance channels, bureaux de change, and fintech platforms, as well as improved inter-agency data sharing and enforcement coordination.
It also noted that the implementation of the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS) played a critical role.
With Nigeria’s removal from the grey list,it said, businesses and households are expected to benefit through lowered compliance costs, improved access to international finance, and faster, more affordable cross-border transactions.
It explained that these advantages are forecasted to enhance trade settlements, increase remittance inflows, stabilize foreign exchange access, support enterprise growth, and deepen financial inclusion.
It further said the FATF’s decision reinforces growing global confidence in Nigeria’s economic management. Recent upgrades in Nigeria’s ratings outlook by Moody’s and Fitch, driven by improved external balances and credible policy execution, alongside positive findings from the IMF’s 2025 Article IV Consultation, further underscore this progress.
Commenting,Governor Olayemi Cardoso of the CBN 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 the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms. Our priority now is to consolidate these gains to reinforce financial stability and Nigeria’s global credibility.”
