The Central Bank of Nigeria (CBN) is actively working to remove the country from the Financial Action Task Force’s (FATF) grey list, according to its Governor, Olayemi Cardoso.
The FATF, an intergovernmental policy-making body combating money laundering and terrorism financing, placed Nigeria on the list on February 24, 2024, alongside South Africa.
“I would like to emphasise that we are consulting at the highest levels to remove Nigeria from FATF grey lists, a key topic in our recent engagement,” Cardoso said during the International Monetary Fund (IMF) and World Bank annual meetings in Washington DC on Saturday.
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The Nigerian Financial Intelligence Unit (NFIU) recently announced FATF’s approval of Nigeria’s fourth progress report since being placed under watch.
Countries on the grey list face increased monitoring and must intensify efforts to tackle money laundering and terrorism financing.
Cardoso highlighted the CBN’s focus on addressing inflation, restoring investor confidence, and stabilizing the exchange rate since assuming office.
“We embarked upon bold and necessary reforms to return to the path of monetary policy orthodoxy, as well as remove observed distortions in the foreign exchange market,” he stated.
