By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN) has welcomed the Financial Action Task Force’s (FATF) formal announcement of Nigeria’s removal from the list of jurisdictions under increased monitoring, known as the “grey list”.
This, it said, followed a successful on-site evaluation of reforms implemented across the financial system.
The Nigerian Financial Intelligence Unit (NFIU), Friday, announced Nigeria’s removal from the FATF grey list for money laundering, terrorist financing and other financial crimes.
The NFIU in a statement informed that at the FATF October plenary in Paris, France, the country, alongside others, were officially removed from the FATF grey list, thus marking a new chapter in Nigeria’s fight against money laundering, terrorist financing, and proliferation financing.
Commenting on the development in a statement on Saturday, the CBN said the FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist financing, and proliferation financing.
This, it added, also marks an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.
Signed by the Ag. Director, Corporate Communications, Hakama Ali, the statement reads further: “The FATF’s decision follows a two-year reform programme coordinated by the Federal Government of Nigeria, involving multiple agencies including 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 centred on enhancing supervision, governance, and transparency across the financial system.”
Key reforms assessed by the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, included:
• Strengthened oversight of financial institutions through updated AML/CFT regulations, risk-based supervision, and fit-and-proper assessments.
• Expansion of compliance reporting and monitoring across remittance channels, bureaux de change, and fintech platforms to improve traceability and transparency.
• Enhanced inter-agency data-sharing and enforcement coordination between the CBN, NFIU, EFCC, and law-enforcement bodies.
• Implementation of market governance tools, including the Foreign Exchange Code (FX Code) and Electronic Foreign Exchange Matching System (EFEMS).
“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.”
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. It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms.
Ms Ali noted that 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 continued: “The FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management.
“Recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external balances, credible policy execution, and renewed monetary-policy credibility.
“Similarly, the IMF’s 2025 Article IV Consultation highlighted improved reserve adequacy, greater transparency, and a reform agenda increasingly aligned with global standards.
Commenting on the announcement, CBN Governor, Olayemi Cardoso, was quoted as saying: “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.
“It reflects a clear policy direction and the coordinated efforts of key national institutions working together to deliver sustainable, standards-based reforms.
“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.”
Nigeria joins South Africa, Mozambique, and Burkina Faso as the latest African countries to achieve this milestone, reflecting broader progress across the continent.
The CBN also reiterated its commitment to strengthening collaboration with domestic and international partners to sustain a sound, transparent, and trusted financial system that safeguards financial stability and market integrity while advancing inclusive and sustainable economic growth.
Greater financial transparency
The NFIU in a statement by Director/CEO, Hafsat Bakari, informed that at the FATF October plenary in Paris, France, Nigeria, alongside others, were officially removed from the FATF grey list, thus marking a new chapter in the country’s fight against money laundering, terrorist financing, and proliferation financing.
This, she said, is a true test of Nigeria’s resilience, coordination and unwavering commitment to reforms, and a clear signal to the world that the country can meet and exceed global standards in financial integrity.
“This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.”
FATF is an inter-governmental body established in 1989 that sets international standards to combat money laundering, terrorist financing, and the financing of weapons of mass destruction.
It also develops and promotes policies to protect the global financial system.
The Nigeria delegation to the Paris meeting included the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi; Minister of Interior, Olubunmi Tunji-Ojo; and Ms Bakari.
Speaking for Nigeria, Mr Edun said removal from the list was more than compliance, saying: “Nigeria’s ambition was never limited to simply completing the action plan and exiting the grey list.
“Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing.
“For us, the action plan is not the ceiling, but the floor of our aspirations.”
AGF Fagbemi lauded the invitation to join the FATF guest jurisdictions initiative, saying that it would enable Nigeria to participate in the Task Force’s meetings under its own flag next year, and also contribute to global policy discussions.
This is just as the NFIU reiterated its commitment to sustaining the momentum, which requires ongoing collaboration among government agencies, private sector, and international partners to protect Nigeria’s financial system and contribute to global stability.
