CBN will introduce a new compliance division in February

A new Compliance Department will be established within the apex bank by the end of February, according to announcements made by Olayemi Cardoso, governor of the Central Bank of Nigeria.

Cardoso revealed this on Thursday when he gave the keynote speech at the Nigerian Economic Summit Group's 2025 macroeconomic forecast launch.
"The CBN has taken the revolutionary step of establishing a Compliance Department with the aim of resolving previous issues, bringing the financial sector into compliance with international standards, and creating a more transparent and robust financial sector that can propel Nigeria's economic growth and development," he said. This department will have both an internal and external focus. I suggest keeping an eye on things because the department will be operational by the end of February.

The introduction of a foreign exchange code, the CBN Governor continued, will give precise guidelines on what market players should expect, guaranteeing that the market functions in a fair and open manner.

In order to promote a more competitive business climate, attract foreign investment, and support fiscal operations in vital economic sectors, we will also give top priority to exchange rate stability. According to him, the CBN would keep fortifying financial institutions so they can efficiently assist the real sector.