CBN announces new compliance department, projects 4.17% GDP

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has announced plans to establish a Compliance Department by February.

Cardoso made the announcement during the launch of 2025 Macroeconomic Outlook Report, titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond” by the Nigerian Economic Summit Group (NESG) on Thursday.

The governor, who participated virtually in the hybrid event held in Lagos, stated that the new Compliance Department would address past challenges in line with global standards.

He added that the department would entrench transparent and resilient financial sector that can drive Nigeria’s economic growth and development.

Cardoso: Inflation is real killer of businesses

“The Central Bank of Nigeria has an unwavering commitment to upholding the highest standards of integrity, transparency and accountability in the banking industry. Earlier on, I made reference to the launching of the CBN foreign exchange code.

“But, on a more general level, the CBN has taken the transformative step of setting up a compliance department.

“This is with the objective of addressing past challenges, aligning with global standards and building a more transparent and revival financial sector that can drive Nigeria’s economic growth and development.

“This department will be inward-facing and outward-facing as well. The department will be functional by the end of February, so I advise you to stay tuned,” he said.

He said that the apex bank would prioritise exchange rate stability for businesses to thrive while supporting fiscal policies in critical sectors of the economy.

Cardoso said that CBN would continue to strengthen financial institutions to enable them to effectively support the real sector.

He reaffirmed CBN’s projection of 4.17 per cent GDP growth for the nation in 2025, representing a positive outlook.

Cardoso called for collaboration between monetary and fiscal authorities, alongside private sector participation to achieve growth.

The Star