The Central Bank of Nigeria (CBN) says the country’s removal from the Financial Action Task Force (FATF) grey list will boost investor confidence, ease international transactions, and enhance Nigeria’s reputation as a credible global financial centre.
In a statement issued on Saturday by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the Bank said the delisting would lower the cost of correspondent banking, facilitate smoother trade and investment flows, and attract more foreign investors and development partners.
Describing the development as a “major milestone,” the CBN noted that Nigeria’s exit from the FATF grey list would reduce perceived financial risk, support economic growth, and deepen financial inclusion.
According to the statement, the benefits of delisting will be felt across both businesses and households — through reduced compliance costs, better access to international finance, and faster, more affordable cross-border transactions.
Over time, these improvements are expected to deliver smoother trade settlements, quicker remittance inflows, and more predictable foreign exchange access, helping to strengthen livelihoods and enterprise growth.
The Bank emphasized that it played a central role in securing Nigeria’s removal from the list by enhancing supervision, governance, and transparency across the financial system.
It said oversight of financial institutions had been strengthened through updated anti-money laundering and counter-terrorism financing (AML/CFT) regulations, risk-based supervision, and fit-and-proper assessments.
CBN also expanded compliance monitoring across remittance channels, bureaux de change, and fintech platforms, while improving data-sharing and coordination among the CBN, the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), and other agencies.
It added that the introduction of the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS) further enhanced transparency in the financial markets.
The Bank acknowledged that these measures, implemented alongside legal and operational reforms by other competent authorities, were critical to addressing deficiencies identified by FATF and its regional affiliate, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
CBN Governor Olayemi Cardoso hailed the collective effort that led to the achievement, saying:
“This is an important milestone for Nigeria’s financial system. Our strengthened AML/CFT framework and closer supervisory engagement with financial institutions have helped restore international confidence.
“We remain committed to sustaining these reforms, deepening transparency, and working with partners to prevent illicit financial flows and protect the integrity of our financial system.”
The Bank also commended the NFIU for leading technical engagements with FATF, law enforcement agencies for enforcement actions, and the Office of the Attorney-General and the National Assembly for providing the legislative support needed to meet FATF standards.
While celebrating the delisting, the CBN stressed that compliance with global AML/CFT standards must remain an ongoing process.
“Sustaining compliance is a continuous effort,” it said, pledging continued collaboration with competent authorities to consolidate the gains and avoid future reclassification.
The Bank further noted that the FATF decision reflects a broader renewal of international confidence in Nigeria’s economic management.
It pointed to positive credit outlooks from rating agencies and the International Monetary Fund’s 2025 Article IV findings, which highlighted improved reserves, transparency, and reform alignment with global standards.
The CBN urged financial institutions to maintain high standards of compliance, corporate governance, and internal controls to ensure Nigeria fully benefits from the delisting, including smoother trade payments and better access to global financial services for exporters, importers, and remittance operators.
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