The Central Bank of Nigeria (CBN) has expressed satisfaction over the Financial Action Task Force’s (FATF) decision to remove Nigeria from its “grey list” — a classification for countries under enhanced monitoring over financial integrity concerns.
In a statement issued in Abuja on Saturday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the development came after a successful on-site assessment of Nigeria’s extensive reforms across its financial system.
She explained that FATF’s latest decision was an acknowledgment of the country’s steady progress in addressing identified gaps in combating money laundering, terrorism financing, and the financing of weapons of mass destruction.
Nigeria was first added to the FATF grey list in February 2023, following concerns about weaknesses in its anti-money laundering and counter-terrorism financing mechanisms.
According to Sidi-Ali, the removal signifies international recognition of the country’s strengthened regulatory, supervisory, and enforcement structures, as well as a renewed commitment to transparency and financial system integrity.
“The FATF’s decision follows a two-year reform programme coordinated by the Federal Government, involving multiple agencies.
“These include the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC),” she stated.
Sidi-Ali highlighted that the CBN played a central role in improving financial supervision, governance, and transparency through targeted policy reforms.
She noted that both FATF and its regional counterpart, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), conducted thorough evaluations of Nigeria’s progress before reaching their conclusion.
The CBN spokesperson listed several key reforms that contributed to the milestone, including updated Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, adoption of risk-based supervision, and stricter fit-and-proper assessments for financial operators.
Other measures included enhanced compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms, alongside improved coordination and data sharing between agencies such as the CBN, NFIU, EFCC, and law enforcement bodies.
She further pointed out that the introduction of governance tools such as the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS) helped strengthen market oversight and operational integrity.
“Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.
“Nigeria’s removal from the grey list will yield tangible benefits for businesses and households alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.
“In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more predictable access to foreign exchange – enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion,” she added.
Sidi-Ali further described the FATF’s decision as a testament to the growing global trust in Nigeria’s economic and financial management.
She noted that recent international assessments — including Moody’s and Fitch upgrades — reflect a renewed sense of confidence in Nigeria’s policy direction, citing “stronger external balances, credible policy execution, and renewed monetary-policy credibility.”
