- FATF Exit Marks New Era of Transparency, Trust in Nigeria’s Economy – Cardoso
- The delisting follows a two-year reform programme coordinated by the Federal Government of Nigeria
- The FATF decision reinforces global confidence in Nigeria’s economic management
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has described the removal of Nigeria from the Financial Action Task Force (FATF) grey list as a strong affirmation of the CBN’s reform trajectory and a reflection of the growing integrity of the country’s financial system.
Eko Hot Blog reports that in a statement issued on Saturday by the acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, Cardoso said the FATF decision underscores the clear policy direction and coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms.
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“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,” Cardoso stated.
The CBN reaffirmed its commitment to collaborating with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards market integrity while driving inclusive and sustainable economic growth.
The FATF, on Friday, announced Nigeria’s removal from its grey list, a group of jurisdictions under increased monitoring following a successful on-site evaluation of reforms implemented across the financial system.
The decision, according to FATF, recognizes significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing.
The delisting follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving key agencies such as the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).
The CBN’s contribution focused on strengthening supervision, governance, and transparency across the financial sector through updated AML/CFT regulations, risk-based supervision, compliance monitoring, and enhanced inter-agency coordination.
Nigeria’s removal from the grey list is expected to yield tangible economic benefits lowering compliance costs, improving access to international finance, and facilitating faster, more affordable cross-border transactions.
These gains are projected to support trade settlements, remittance inflows, and access to foreign exchange, ultimately boosting business confidence, enterprise growth, and financial inclusion.
The FATF decision reinforces global confidence in Nigeria’s economic management. Recent international assessments by Moody’s and Fitch Ratings upgraded the country’s outlook, citing improved policy execution, stronger external balances, and renewed monetary credibility.
Similarly, the IMF’s 2025 Article IV Consultation commended Nigeria’s improved reserve adequacy, transparency, and alignment of reforms with international best practices.
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