In a move aimed at enhancing transparency and accountability within Nigeria’s banking sector, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the establishment of a new Compliance Department.
This initiative, set to begin operations by the end of February 2025, is part of the apex bank’s broader efforts to restore public trust and align the country’s financial systems with global best practices.
Cardoso made the announcement on Thursday at the launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group, emphasizing that the department will play a key role in transforming the Nigerian financial landscape.
He described the new department as an essential step towards addressing past challenges and ensuring a more transparent, reliable, and accountable banking sector that can contribute to Nigeria’s economic growth and development.
“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,” Cardoso said. “This department will be inward-facing and outward-facing as well, functioning by the end of February.”
The announcement comes just one day after the CBN approved the release of the Nigerian Foreign Exchange (FX) Code. This move is aimed at promoting ethical practices and professionalism within the nation’s foreign exchange market.
The new FX Code will serve as a guideline for banking industry players, ensuring that authorised dealers uphold the highest standards when conducting FX transactions.
Cardoso further revealed that the CBN would also focus on exchange rate stability in 2025. The central bank aims to create a more competitive business environment, attract foreign investment, and support fiscal operations in critical sectors of the economy. Strengthening financial institutions to better support the real sector will also be a priority for the year.
In his address, Cardoso stressed that the success of these initiatives hinges on effective collaboration between monetary and fiscal authorities, as well as strong partnerships with the private sector.
“This joint effort is critical to fostering a stable macroeconomic environment,” he stated.
The establishment of the new Compliance Department, alongside the FX Code, marks a significant step in the CBN’s ongoing efforts to improve governance, ensure ethical conduct, and stimulate economic growth by reinforcing confidence in the Nigerian banking system.
