**CBN Intensifies Efforts to Remove Nigeria from FATF
Nigeria’s Central Bank (CBN) is working hard to remove the country from the Financial Action Task Force (FATF) grey list, a watchlist for nations needing stronger efforts against money laundering and terrorism financing. CBN Governor Olayemi Cardoso revealed during a recent press briefing that consultations have been ongoing since February 2023 to meet FATF standards and restore Nigeria’s standing in global finance.
The FATF, established in 1995, monitors countries for issues like money laundering and terrorism financing. Nigeria landed on the FATF grey list due to perceived gaps in regulating illicit financial activities. Governor Cardoso emphasized the importance of Nigeria’s removal from this list, noting that high-level consultations are in progress to address FATF concerns.
Speaking after attending the 2024 World Bank and International Monetary Fund (IMF) meetings in Washington, D.C., Cardoso reported a significant increase in diaspora remittances, which grew from $250 million in April to $600 million by September 2024. The CBN is also preparing to launch new products to make it easier for Nigerians living abroad to register their Bank Verification Numbers (BVNs), further supporting remittance inflows.
The governor expressed confidence that remittance inflows could soon reach $1 billion monthly, boosting Nigeria’s financial position. Additionally, the CBN’s recapitalization initiative aims to strengthen local banks, enhancing stability within the financial sector.
