Consultations and negotiations to remove Nigeria from the Financial Action Task Force's (FATF) gray list have been ongoing since February 2023, the Central Bank of Nigeria (CBN) announced on Saturday.

According to CBN, diaspora remittances had grown to $600 million from $250 million in April 2024.

This was revealed by CBN Governor Olayemi Cardoso during a joint news conference with the Finance Minister following the 2024 annual meetings of the World Bank and the International Monetary Fund (IMF) in Washington, D.C., USA.

The Financial Action Task Force (FATF) was created in 1995 to spearhead international efforts to stop the financing of terrorism, money laundering, and proliferation, BusinessDay reported.

Due to increased financial inflows and inadequacies in the fight against terrorism, money laundering, and arms financing, the organization had placed the nation on its greylist.

“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,” Cardoso said.

He added that as of September 2024, diaspora remittances had grown to $600 million from $250 million in April 2024.

According to Cardoso, the bank has promised to introduce a new product by the end of this year that will make it easier for diasporans who do not dwell in the country to register their Bank Verification Numbers (BVNs).

He also expressed hope that the CBN will be able to increase remittance inflows by $1 billion per month thanks to the continued engagement with the diaspora and the many products offered by the banking sector.

“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,” he said.

According to Cardoso, “The CBN recapitalization policy has prompted deposit money banks to strengthen their financial positions, a process expected to result in a more robust and resilient banking sector by March 2026. The exercise is expected to support the realization of the $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.”

CBN makes final decision on old naira notes Legit.ng reported that the Central Bank of Nigeria has confirmed that the old naira notes will remain legal tender indefinitely.

This was disclosed in a statement signed by Ag. Director of Corporate Communication, Hakama Sidi, on Thursday, October 24.

According to the media reports that it has fixed the deadline for the withdrawal of the old notes was false, Punch reports.