The Central Bank of Nigeria (CBN) has welcomed the country’s official removal from the Financial Action Task Force (FATF) “Grey List,” describing the milestone as a resounding endorsement of Nigeria’s strengthened financial reforms, enhanced transparency, and improved global reputation.
The FATF, a global intergovernmental body responsible for setting standards and promoting effective implementation of measures to combat money laundering and terrorism financing, announced Nigeria’s delisting following a successful on-site evaluation. The assessment confirmed that the country had addressed identified strategic deficiencies and implemented strong mechanisms to combat illicit financial activities.
In a statement released on its official X (formerly Twitter) handle, the CBN commended the coordinated efforts of multiple government institutions, noting that the achievement was a product of deep inter-agency collaboration. Key players included the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Central Bank itself, which led the charge in strengthening supervisory frameworks, improving compliance monitoring, and fostering financial transparency across the sector.
“The removal of Nigeria from the FATF Grey List is a testament to the sustained reforms and commitment of all stakeholders to ensure integrity, stability, and transparency in the nation’s financial system,” the apex bank stated.
“This milestone will further boost global confidence in Nigeria’s economy and attract increased foreign investment.”
The FATF Grey List identifies jurisdictions under increased monitoring due to strategic deficiencies in their systems for countering money laundering and terrorist financing. Countries that make significant progress in resolving these deficiencies are eventually removed from the list after a comprehensive review.
Nigeria’s removal from the list comes at a crucial time for the economy, as the federal government continues to push for structural reforms to stabilize the naira, strengthen governance, and promote investment-led growth. Economists and financial analysts have lauded the move, describing it as a positive signal that could ease international financial transactions, improve access to credit, and reduce the cost of compliance for Nigerian financial institutions.
According to analysts, the delisting is likely to enhance Nigeria’s attractiveness to foreign investors, boost correspondent banking relationships, and facilitate smoother cross-border trade. It also places Nigerian banks and fintech firms on a stronger footing to engage global partners without the stigma or restrictions often associated with grey-listed jurisdictions.
With this recognition, Nigeria joins the ranks of compliant nations demonstrating commitment to global anti-money laundering and counter-terrorism financing standards. The CBN reaffirmed that it will continue to strengthen oversight mechanisms, deepen collaboration with local and international regulators, and sustain policies that support financial stability and inclusion.
This development, experts say, aligns with the administration’s broader economic reform agenda aimed at restoring investor trust, stabilizing markets, and positioning Nigeria as a leading financial hub in Africa.
The Central Bank of Nigeria (CBN) celebrates Nigeria’s removal from the FATF Grey List, marking a major victory for financial reforms and transparency. The move boosts investor confidence, strengthens Nigeria’s global standing, and promises smoother international transactions.
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