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The Central Bank of Nigeria (CBN) has expressed optimism that Nigeria will be removed from the Financial Action Task Force (FATF) grey list by May 2025. CBN Deputy Governor, Aishah Nnaji, shared this update during a recent meeting with members of the Nigerian diaspora in Washington, DC.
Nnaji assured attendees that Nigeria has met the essential criteria for grey list removal, a step crucial to boosting both remittances and Foreign Direct Investment (FDI) flows into the country. “Facilitating remittances and encouraging FDI hinges on our removal from the grey list,” Nnaji said. “We’ve made significant progress toward this goal, and as I mentioned earlier in Houston, we anticipate being delisted by May 2025.”
CBN Governor Yemi Cardoso underscored the bank’s commitment to addressing obstacles impacting remittance inflows, with the goal of raising formal remittance channels to $1 billion. “We’re committed to overcoming any barriers affecting remittance flows into Nigeria,” Cardoso emphasized. “Discussions are ongoing at high levels to expedite Nigeria’s removal from the FATF grey list, which was a focal point in our recent international engagements.”
Cardoso also noted that the CBN has engaged with major International Money Transfer Operators (IMTOs) to bolster formal remittance channels. Additionally, the bank has introduced a dedicated account program for the Nigerian diaspora and collaborated with domestic banks to simplify the remittance process, enhancing convenience and transparency for users.
This coordinated approach aligns with CBN’s broader objective to create a more attractive environment for diaspora engagement and foreign investment, facilitating Nigeria’s path toward stronger financial stability and growth.
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