CBN unveils new compliance dept to strengthen Nigeria’s financial sector

MaTaZ ArIsInG
Dallas, Texas

The Central Bank of Nigeria (CBN) is set to launch a new Compliance Department by the end of February in a bold move to restore transparency and resilience within Nigeria’s financial system.

This announcement, made by the CBN Governor, Olayemi Cardoso, signals a shift in the apex bank’s operations, aiming to address past challenges and align with global standards.

Cardoso shared the initiative on Thursday while delivering a keynote address at the launch of the 2025 Macroeconomic Outlook by the Nigerian Economic Summit Group in Abuja.

“The CBN has taken the transformative step of setting up a Compliance Department,” Cardoso declared. “Its objective is to address past challenges, align with global standards, and build a more transparent and resilient financial sector that can drive Nigeria’s economic growth and development.”

Describing the department as both “inward-facing and outward-facing,” he emphasized its dual purpose of enforcing accountability within the CBN and ensuring fair practices across the financial ecosystem. “The department will be functional by the end of February, so I advise you to stay tuned,” he added, striking an optimistic tone about the impact of this structural overhaul.

Cardoso also unveiled plans for a foreign exchange code designed to inject clarity and fairness into the market. This code will outline clear expectations for market participants and create a level playing field.

“We will prioritize exchange rate stability to foster a more competitive business environment, encourage the inflow of foreign investment, and, in addition, support fiscal operations in critical sectors of the economy,” he said.

The CBN’s approach reflects its commitment to restoring confidence in the financial sector, particularly in addressing issues that have long plagued the foreign exchange market, such as speculation, volatility, and lack of transparency.

Beyond exchange rate stability, the Governor reaffirmed the CBN’s mission to bolster Nigeria’s real economy. “The CBN will continue to strengthen financial institutions to enable them to effectively support the real sector,” he explained, highlighting the apex bank’s focus on fostering sustainable growth through strategic fiscal operations in critical sectors.

This renewed focus aims to create a financial environment conducive to innovation, investment, and job creation—key pillars for Nigeria’s economic recovery and development.

A New Chapter for the CBN

Cardoso’s announcement comes at a pivotal time when Nigeria’s economy faces mounting challenges, from fluctuating exchange rates to inflationary pressures and a shrinking fiscal space. By instituting a dedicated Compliance Department and introducing forward-looking policies, the CBN is signaling its readiness to tackle these challenges head-on.

Stakeholders in the financial and business communities have lauded the move, expressing hope that these reforms will not only restore confidence in Nigeria’s financial institutions but also position the country as a competitive player in the global economy.

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