CBN Moves to Strengthen Financial Stability – What Nigerians Should Expect

The Central Bank of Nigeria (CBN) has reinforced its commitment to financial stability by tightening regulatory compliance and risk management across the nation’s banking sector.

At a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi on February 28, 2025, in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, emphasized the critical need for Nigerian financial institutions to align with global regulatory standards.

 “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that proactively address emerging threats. Adopting innovative compliance solutions is key to preserving confidence in the financial sector,” Phillips stated.

The workshop, which brought together compliance officers, trade operations specialists, and correspondent banking professionals, focused on global regulatory trends, financial crime risks, and strategies for safeguarding correspondent banking relationships.

Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, stressed the importance of governance frameworks in mitigating risks, highlighting that Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols are essential to combat illicit financial flows.

Further underscoring the gravity of financial crime, Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, revealed that over $3 trillion in illicit funds circulate through the global financial system annually. She urged institutions to strengthen due diligence, integrate advanced risk assessment technologies, and uphold transparency.

This initiative aligns with CBN Governor Olayemi Cardoso’s vision of regulatory excellence.

“A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure alignment with global best practices,” Governor Cardoso affirmed.

By bolstering compliance culture and enhancing risk management frameworks, the CBN aims to fortify Nigeria’s financial sector against emerging threats while maintaining credibility on both local and global fronts.

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