Nigeria exits FATF grey list after global review of its anti–money laundering and financial oversight reforms
The Financial Action Task Force (FATF)has removed Nigeria from itslist of jurisdictions under increased monitoring, known as the grey list, after confirming progress in financial integrity and anti–money laundering measures.
The decision follows an on-site assessment by FATF and its regional partner, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), which verified that Nigeria had implemented key reforms to strengthen its financial oversight and compliance systems.
A statement issued on Saturday by the Central Bank of Nigeria (CBN) said the delisting represents a major milestone in restoring global confidence in Nigeria’s financial system.
FATF’s evaluation
The FATF’s evaluation covered a two-year national reform programme led by the Federal Government through institutions including the CBN, Federal Ministry of Justice, Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC).
Key measures assessed included:
- Updated anti–money laundering and counter-terrorism financing (AML/CFT) regulations.
- Risk-based supervisory frameworks for banks and fintech operators.
- Strengthened inter-agency cooperation and data sharing.
- Enforcement of foreign exchange governance tools such as the FX Code and the Electronic Foreign Exchange Matching System (EFEMS).
These reforms aimed to close gaps in financial monitoring, improve accountability, and align Nigeria’s regulatory practices with global standards.
Economic Implications
Nigeria’s removal from the grey list is expected to reduce compliance burdens, improve access to international financing, and streamline cross-border transactions.
Analysts say the decision could also encourage foreign investment and enhance the credibility of Nigeria’s financial institutions.
Regional Context and Next Steps
Nigeria joins South Africa, Mozambique, and Burkina Faso among African countries recently cleared from the FATF grey list, signalling growing regional commitment to financial transparency and reform.
The CBN emphasized that Nigeria must sustain the momentum by maintaining strong oversight, ensuring inter-agency collaboration, and upholding international best practices to prevent future sanctions or monitoring.
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