CBN Welcomes Nigeria’s Removal From FATF Grey List

T The Central Bank of Nigeria (CBN) has welcomed the decision of the Financial Action Task Force (FATF) to remove Nigeria from its grey list of jurisdictions under increased monitoring, following a successful on-site evaluation of reforms across the financial system.

The FATF announcement comes after a two-year reform programme led by the Federal Government, involving the CBN, the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC) and the Ministry of Justice.

The CBN noted that the upgraded regulatory and supervisory framework — including risk-based supervision, enhanced compliance monitoring of remittance channels and fintechs, and improved inter-agency coordination — helped restore confidence in Nigeria’s financial integrity.

CBN Governor Olayemi Cardoso said the development signals positive momentum for the economy and strengthens global trust in Nigeria’s financial system.

“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,” he said. “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.”

The apex bank said Nigeria’s removal from the grey list is expected to lower compliance costs for businesses, ease access to international finance and improve the speed of cross-border payments — benefits it believes will support trade, investment and financial inclusion across the country.