CBN Don Dey Work to Comot Nigeria From FATF Grey List

Central Bank of Nigeria (CBN) don announce say dem dey work hard since February 2023 to comot Nigeria from di Financial Action Task Force (FATF) grey list, wey dem put Nigeria on top due to alleged shortfall for di fight against terrorism, money laundering, and arms financing.

CBN Governor, Olayemi Cardoso, reveal dis matter for joint press conference wit di Finance Minister after di 2024 annual meetings of di World Bank and International Monetary Fund (IMF) wey hold for Washington, D.C., USA. Di Financial Action Task Force, wey dem form since 1995, dey lead international moves to stop di financing of terrorism, money laundering, and proliferation.

According to Cardoso, “I would like to emphasise that we are consulting at the highest levels to remove Nigeria from FAFT grey lists, a key topic in our recent engagement.” Di governor talk say as of September 2024, remittances from Nigerians abroad don rise reach $600 million from di $250 million wey e be for April 2024.

E still tok say CBN go launch new product by di end of di year wey go help Nigerians wey no dey live for di country register dia Bank Verification Numbers (BVNs) easily. Cardoso believe say wit di continued engagement wit Nigerians abroad, CBN fit boost monthly remittances reach $1 billion.

“Through engagement with the diaspora, we believe we’ll be able to move accordingly, and again, rising from that engagement, we put our target on increasing the inflows, the remittance inflows, to $1 billion and I’m confident that we will get there monthly,” e tok.

Di CBN governor also confirm say di CBN recapitalisation policy don make deposit money banks fortify dia financial positions, and dis process go help strengthen di banking sector before March 2026. Dis move, accordin to Cardoso, dey necessary to support di vision to build $1 trillion economy by 2030. "In closing, allow me to reaffirm our commitment to addressing the challenges ahead, recognising that much remains to be done to fully achieve our goals," Cardoso add.

Inside dis matter, Prime 9ja Online don report say di CBN confirm say di old naira notes go still remain legal tender indefinitely. Di bank tok dis one for statement wey Ag. Director of Corporate Communication, Hakama Sidi, sign on October 24. Dem still clarify say di reports wey say dem don fix deadline to withdraw old naira notes no be true.

Source: Prime 9ja Online Pidgin: CBN Don Dey Work to Comot Nigeria From FATF Grey List