CBN governor says delisting marks one of Nigeria’s biggest financial milestones in 2025
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s removal from the Financial Action Task Force (FATF) grey list has restored international confidence in the country’s financial system and prevented the loss of more than $30 billion in potential investment flows.
Cardoso made the remark on Friday at the annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, describing the delisting as “one of the most significant achievements this year.”
According to him, countries placed on the grey list typically suffer a 7.6 percent drop in capital inflows in the first year, a loss which, if applied to Nigeria, would amount to over $30 billion. Exiting the list, he said, has eased compliance frictions for Nigerian banks and improved the country’s standing with global financial partners.
Reforms Behind the Delisting
The CBN governor explained that Nigeria’s exit followed a series of coordinated reforms driven by the Federal Government and backed by regulatory institutions, including the apex bank. These reforms focused on:
- tougher supervision of financial institutions
- improving the quality of suspicious-transaction and cross-border reporting
- strengthening intelligence-sharing among security and financial agencies
Cardoso also credited the deployment of new compliance technologies such as the Electronic Financial Evaluation Monitoring System (EFEMS) and the Foreign Exchange (FX) Code, for tightening oversight and enhancing transparency across the financial system.
Background
The FATF announced Nigeria’s removal from the grey list in October, ending nearly three years under enhanced monitoring for money laundering and terrorist-financing risks. South Africa, Burkina Faso, and Mozambique were also delisted after demonstrating significant improvements in regulatory and enforcement frameworks.
The development has already begun to influence market sentiment. As previously reported, the naira showed early signs of stability and slight appreciation against the US dollar following the announcement.
Government Reaction
President Bola Tinubu welcomed the FATF decision, calling it a testament to Nigeria’s commitment to financial transparency and global best practices. The FATF is the world’s leading standard-setting body for anti–money laundering, counter-terrorist financing, and measures to curb the financing of weapons proliferation.
