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The Central Bank of Nigeria (CBN) announced on Saturday that it has been engaged in consultations since February 2023 to secure Nigeria’s removal from the Financial Action Task Force (FATF) gray list. This was disclosed by CBN Governor Olayemi Cardoso during a joint press briefing with the Minister of Finance after the 2024 World Bank and International Monetary Fund (IMF) annual meetings in Washington, D.C.
The FATF, established in 1995, leads global efforts against money laundering, terrorism financing, and the proliferation of illicit funds. Nigeria’s placement on the gray list has been attributed to rising financial inflows and ongoing challenges in combating terrorism financing, money laundering, and arms proliferation.
Governor Cardoso noted, “We are actively engaging at the highest levels to ensure Nigeria’s removal from the FATF gray list, which was a central point in our recent discussions.” He also reported a surge in diaspora remittances, growing from $250 million in April to $600 million in September 2024.
To further boost remittance inflows, the CBN is set to introduce a new product by year’s end, allowing Nigerians abroad to register their Bank Verification Numbers (BVNs) remotely. Cardoso expressed optimism that increased engagement with the diaspora, along with new banking products, could drive remittance inflows to $1 billion per month.
“The continued dialogue with the diaspora community is pivotal,” Cardoso said, adding that “we are targeting a remittance inflow of $1 billion monthly, which we believe is achievable.”
Cardoso also highlighted the CBN’s recapitalization policy, aimed at strengthening the financial stability of deposit money banks by March 2026. This initiative is expected to support Nigeria’s broader economic goal of achieving a $1 trillion economy by 2030.
“As we move forward, we remain fully committed to overcoming the challenges that lie ahead to realize these objectives,” he concluded.
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