On Thursday, January 23, 2025, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced the launch of a new Compliance Department aimed at improving transparency and accountability in Nigeria’s banking sector. This new initiative is part of the CBN’s broader effort to restore confidence in the country’s financial industry.
The department, which is set to begin operations at the end of February, will help the CBN address past challenges while aligning with global standards. “The CBN has taken the transformative step of setting up a compliance department with the objective of addressing past challenges, aligning with global standards, and building a more transparent financial sector that can drive Nigeria’s economic growth and development,” Cardoso said. He also mentioned that the department will focus on both internal and external aspects of compliance.
This announcement comes just one day after the CBN approved the release of the Nigerian Foreign Exchange (FX) Code, which is designed to promote ethical conduct in the nation’s foreign exchange market. The Code will guide the banking industry and ensure that authorised dealers uphold the highest standards when conducting FX transactions.
Looking ahead to 2025, Cardoso emphasized that the CBN would prioritize exchange rate stability to create a more competitive business environment, encourage foreign investment, and support critical fiscal operations. The bank will also focus on strengthening financial institutions to help them better support Nigeria’s real economy.
While outlining these objectives, Cardoso stressed the importance of collaboration between monetary and fiscal authorities, as well as the private sector. “This joint effort is critical to fostering a stable macroeconomic environment,” he added.
