CBN Pushes For Nigeria’s Removal From Money-laundering List, Targets $1bn Remittances

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced ongoing efforts to have Nigeria removed from the Financial Action Task Force’s (FATF) “grey list,” an anti-money laundering watchlist.

Speaking to journalists in Washington, USA, after meetings with the World Bank on Sunday, Cardoso said his objective is a central focus for the bank.

Nigeria was placed on the FATF grey list on February 24, 2024. Cardoso emphasised that the CBN is addressing this issue by working at the highest levels to resolve any challenges preventing remittances from flowing through official channels. “Our goal is to get Nigeria off the grey list, and we’re actively engaging with stakeholders to make this happen,” he stated.

Cardoso further shared the CBN’s target to grow remittances to $1 billion in the near term. To reach this goal, his team is collaborating with leading International Money Transfer Operators (IMTOs) to increase the use of formal channels for sending money into Nigeria.

The CBN governor also highlighted an initiative aimed at Nigeria’s diaspora, which includes launching a non-resident account program in collaboration with Nigerian banks. “In addition to meetings with global financial leaders, we worked with Nigerian banks to involve the diaspora community through this new program,” Cardoso noted.

Cardoso expressed optimism that the bank’s partnerships with IMTOs and its commitment to mobilising resources will drive remittances toward the $1 billion goal. He reaffirmed his dedication to leading this effort through a task force focused on strengthening remittance flows.