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The Central Bank of Nigeria (CBN) has announced its commitment to facilitating Nigeria’s removal from the Financial Action Task Force’s (FATF) “grey list” of jurisdictions under increased monitoring for anti-money laundering, a status the country was placed on as of February 24, 2024.
This update was provided by CBN Deputy Governor, Philip Ikeazor during a meeting with Nigerian diaspora members on the sidelines of the IMF meetings in Washington, DC.
According to the CBN Governor, Yemi Cardoso, the country has met all necessary criteria to be removed from the grey list and is optimistic about achieving this status by early 2025, highlighting that the removal from the list is a key focus in the bank’s recent engagements.
In addition, Cardoso announced the bank’s goal to increase remittances to $1 billion in the near term. He explained that the CBN has been actively engaging with leading International Money Transfer Operators (IMTOs) to enhance inflows through formal channels.
The governor also noted that discussions with Nigeria’s diaspora communities included launching an account program and establishing partnerships with Nigerian banks.
