The Central Bank of Nigeria,CBN, has commended the Financial Action Task Force FATF,for officially removing Nigeria from its “grey list” of countries under increased monitoring, following successful implementation of major financial reforms.
The apex bank described the development as a milestone achievement in restoring global confidence in Nigeria’s financial system and enhancing the nation’s credibility among international partners.
In a statement released on Saturday in Abuja, Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, said the removal followed a successful on-site evaluation conducted by FATF after two years of sustained reform efforts.
She noted that the FATF decision recognized significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, especially in areas concerning anti-money laundering, counter-terrorist financing , and prevention of proliferation financing.
“This marks an important milestone in Nigeria’s continuing efforts to strengthen financial system integrity, transparency, and international confidence,” Sidi-Ali said.
Nigeria was placed on the FATF grey list in February 2023, after the international watchdog identified “strategic deficiencies” in the country’s systems for combating financial crimes, including money laundering and terrorism financing.
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The CBN spokesperson explained that the delisting followed a two-year reform programme coordinated by the Federal Government, involving multiple institutions such as:
The Central Bank of Nigeria ,
The Federal Ministry of Justice,
The Nigerian Financial Intelligence Unit,
The Economic and Financial Crimes Commission
FATF and its regional partner, the Inter-Governmental Action Group Against Money Laundering in West Africa jointly assessed Nigeria’s progress before reaching the final decision.
Sidi-Ali outlined a series of critical reforms implemented across the financial sector, including:
Updated AML/CFT regulations and risk-based supervision of financial institutions.
Enhanced fit-and-proper assessments for bank leadership and operators.
Expanded compliance reporting and monitoring across remittance services, bureau de change operations, and fintech platforms to improve traceability and transparency.
Inter-agency data-sharing mechanisms between the CBN, EFCC, NFIU, and other law enforcement agencies.
Introduction of governance tools such as the Foreign Exchange Code and the Electronic Foreign Exchange Matching System.
“These coordinated measures have materially strengthened Nigeria’s compliance with international financial standards and reinforced confidence in the integrity of the system,” she said.
According to the CBN, Nigeria’s removal from the grey list will deliver tangible economic and social benefits, including:
Lower compliance costs for businesses and financial institutions.
Improved access to international finance and investment flows.
Faster and more affordable cross-border transactions.
Smoother trade settlements and quicker remittance inflows.
Greater predictability in access to foreign exchange.
Sidi-Ali added that these outcomes would enhance household welfare, support enterprise growth, and deepen financial inclusion nationwide.
She emphasized that FATF’s decision underscores a broader international restoration of trust in Nigeria’s economic management, citing recent rating upgrades by Moody’s and Fitch, which have both improved the country’s outlook based on credible monetary reforms and stronger external balances.
“Nigeria’s removal from the FATF grey list sends a powerful signal to global partners and investors that our reforms are working, our institutions are stronger, and our financial integrity is credible,” she said.
