CBN Optimistic About Nigeria’s Removal from FATF Grey List by May 2025
The Central Bank of Nigeria (CBN) has expressed confidence in Nigeria’s imminent removal from the Financial Action Task Force (FATF) grey list by May 2025. This was disclosed by CBN Deputy Governor, Aishah Nnaji, during a recent parley with diaspora Nigerians in Washington DC.
Nnaji assured that Nigeria has fulfilled all the necessary requirements to exit the grey list. She emphasized the importance of this removal for facilitating remittances and Foreign Direct Investment (FDI) into the country.
“Practically sending money home is impossible, and if we are talking about driving remittances and FDI’s, then we need to get out of the Grey List. We have done a lot of work so far to get us off the Grey List. And like I promised in Houston, I expect by May 2025 we shall be off the grey List. We have done all the work,” Nnaji stated.
CBN Governor, Yemi Cardoso, also highlighted the significance of Nigeria’s removal from the grey list during recent engagements. He stressed the bank’s commitment to resolving any bottlenecks hindering remittance flows and increasing remittances to $1 billion.
“The team is focused on driving progress by identifying and resolving any bottleneck that hinders remittance flow through the formal channels into Nigeria. I’ll like to emphasize that we’re consulting at the highest level to remove Nigeria from the FATF grey list, a key topic in our recent engagement” Cardoso added.
Cardoso further revealed that the CBN has engaged with leading International Money Transfer Operators (IMTOs) to boost inflows through formal channels. Additionally, the bank has launched an account program for the Nigerian diaspora and established partnerships with Nigerian banks to streamline remittance processes.
