In the hopes of enhancing transparency and accountability in the banking sector, the governor of the Central Bank of Nigeria (CBN) has announced a new Compliance Department at the apex bank.
The CBN Governor, Olayemi Cardoso, made this known on Thursday while speaking at the launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group.
Cardoso said that the new department, which will commence operations at the end of February, aligns with the apex bank’s broader goals to restore confidence in Nigeria’s financial industry.
“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. “This department will be inward-facing and outward-facing as well. The department will be functional by the end of February.”
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The announcement comes a day after the bank approved the release of the Nigerian Foreign Exchange (FX) Code, a move aimed at achieving a similar objective of fostering ethical conduct within the nation’s FX market.
According to the CBN, the Code will serve as a guideline for the banking industry and ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.
Cardoso added that in 2025, the CBN “will also prioritise exchange rate stability in order to foster a more competitive and business environment and encourage the inflow of foreign investment, and in addition, support fiscal operations on critical sectors of the economy, the CBN will continue to strengthen financial institutions to enable them to effectively support the real sector.”
Additionally, the bank will focus strongly on strengthening the capacity of banks to support businesses this year.
However, he pointed out that the success of the bank’s overall objectives will depend on effective collaborations between monetary and fiscal authorities and private sector partnerships.
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“This joint effort is critical to fostering a stable macroeconomic environment,” he added.