October 27, (THEWILL) — The Central Bank of Nigeria (CBN) says Nigeria’s removal from the Financial Action Task Force (FATF) grey list will enhance investor confidence, ease access to global finance, and strengthen the credibility of the country’s financial system.
The FATF, a global watchdog against money laundering and terrorist financing, on Friday announced Nigeria’s delisting from its “grey list” of jurisdictions under increased monitoring.
The decision followed a comprehensive on-site evaluation of Nigeria’s compliance with international anti-financial crime standards.
According to a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the FATF decision marks the successful conclusion of a two-year reform programme led by the Federal Government in collaboration with the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).
The apex bank described the development as a major milestone in Nigeria’s ongoing drive to strengthen financial integrity, transparency, and governance standards.
It said its contributions focused on enhancing financial sector supervision, improving governance structures, and ensuring greater transparency in financial operations, reforms that restored international confidence in the country’s financial system.
Among the key measures assessed were risk-based supervision of financial institutions, updated Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations, and stricter fit-and-proper assessments for financial operators.
The CBN also expanded compliance monitoring across remittance services, bureaux de change, and fintech platforms to improve transaction traceability and reporting accuracy.
The statement added that improved inter-agency collaboration, particularly among the CBN, NFIU, and EFCC, enhanced data sharing and enforcement coordination.
It also highlighted the implementation of the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS) as evidence of stronger market governance and transparency.
The apex bank noted that Nigeria’s exit from the grey list would translate into tangible economic gains, including reduced compliance costs for businesses, easier access to international finance, and faster cross-border transactions.
These, it said, will help improve trade, remittance inflows, and foreign exchange predictability.
Financial experts also project that the FATF decision could improve Nigeria’s credit ratings and lower transaction risks, ultimately reducing borrowing costs and attracting greater investor interest.
The CBN said the delisting aligns with recent positive assessments of Nigeria’s economy and regulatory reforms, citing upgrades by global rating agencies Moody’s and Fitch, as well as commendations from the International Monetary Fund (IMF) on Nigeria’s improved reserve adequacy and policy credibility.
CBN Governor, Mr Olayemi Cardoso, described the FATF decision as “a strong affirmation of Nigeria’s reform trajectory and the growing integrity of our financial system.”
“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,” he said.
Nigeria now joins South Africa, Mozambique, and Burkina Faso as the latest African nations to achieve FATF delisting.
The CBN reaffirmed its commitment to sustaining ongoing reforms and deepening collaboration with both domestic and international partners to maintain a transparent and trusted financial system that supports inclusive growth.
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