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CBN Governor Yemi Cardoso says Nigeria’s exit from the FATF grey list saved the country over $30bn in potential investment losses.
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Reforms across financial supervision, reporting systems and intelligence-sharing helped Nigeria meet FATF’s standards.
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Removal from the grey list boosts investor confidence, stabilises the naira and reduces compliance barriers for Nigerian banks.
Nigeria’s removal from the Financial Action Task Force (FATF) grey list has averted an estimated $30 billion loss in potential investments, according to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
Cardoso made the disclosure on Friday at the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers’ Dinner in Lagos, describing the delisting as “one of the most significant achievements of the year.”
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He explained that grey-listing often leads to a drop of about 7.6% of GDP in capital inflows in the first year, noting that Nigeria’s exit has restored investor confidence, reduced risk profiling by global partners, and eased compliance stress for correspondent banks.
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The CBN governor attributed the success to coordinated nationwide reforms led by the Federal Government and supported by key financial and security agencies. These reforms strengthened institutional supervision, improved reporting of suspicious and cross-border transactions, and deepened intelligence-sharing among regulators.
Cardoso highlighted the deployment of advanced governance tools, including the Electronic Financial Evaluation Monitoring System (EFEMS) and the Foreign Exchange (FX) Code, which played critical roles in enhancing transparency and tightening oversight.
Nigeria was removed from the grey list in October alongside South Africa, Burkina Faso and Mozambique, following improved compliance with global anti–money laundering and counter-terrorism financing standards.
President Bola Tinubu has since welcomed the development, describing it as evidence of Nigeria’s commitment to global financial integrity.
