Nigeria’s removal from the FATF grey list has strengthened the naira and renewed investor confidence, marking a milestone in the nation’s financial reform efforts.
The naira recorded slight gains following Nigeria’s delisting from the Financial Action Task Force (FATF) grey list on Friday. The FATF, the world’s top body combating money laundering and terrorist financing, announced the decision at its Plenary in Paris, France.
“It means a whole lot. Naira and Rand have gained almost one percent since the news. It is now N1490 in the parallel market,” said Bismarck Rewane, CEO of Financial Derivatives Company.
According to the FATF, the move follows Nigeria’s completion of its Action Plan after over two years of sustained reform and inter-agency collaboration to strengthen its AML/CFT framework.
“This is a big deal because it opens up the country for FDI and engagement from the West, especially,” said Tayo Oviosu, CEO of Paga.
Tayo Aduloju, CEO of NESG, added, “Well, first it’s a well done to CBN, NFIU and EFCC for doing the hard work to get us back into compliance.”
THIS WAS ORIGINALLY PUBLISHED ON BUSINESS DAY