Nigeria has been officially removed from the Financial Action Task Force (FATF) grey list, a move the Central Bank of Nigeria (CBN) describes as a “transformational moment for national credibility.”
The FATF — the global watchdog against financial crimes — confirmed Nigeria’s delisting at its Paris plenary after the country fulfilled a 19-point action plan covering anti-money laundering, counter-terrorism financing, and beneficial ownership transparency.
CBN’s acting director of corporate communications, Hakama Ali, said the decision “is a vote of confidence in Nigeria’s reform architecture and policy trajectory.”
From Watchlist to Whitelist
Nigeria had been placed on the grey list in 2023 due to “strategic deficiencies” in tracking illicit financial flows. Two years later, coordinated reforms by the CBN, EFCC, NFIU, and Ministry of Justice restored compliance — reducing transaction scrutiny from global partners.
Analysts say the exit could cut compliance costs by 15–20%, improving cross-border transaction speed and access to correspondent banking.
Confidence, Cost, and Capital
- Investor Sentiment: Moody’s and Fitch recently upgraded Nigeria’s outlook, citing “external balance improvement.”
- Business Impact: Cross-border banks like Access and Zenith will see smoother foreign transactions.
- Household Benefit: Cheaper remittance and forex flow expected by Q1 2026.
Credibility as Currency
Nigeria’s financial reputation is now an exportable asset. The real test, however, lies in sustaining compliance through automation, not personality. As one analyst told IDNN, “The grey list exit is the handshake — trust will depend on the handshake’s consistency.”
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