The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the establishment of a new Compliance Department within the apex bank, set to become operational by the end of February.
Cardoso disclosed this on Thursday during his keynote address at the launch of the 2025 macroeconomic outlook by the Nigerian Economic Summit Group.
He stated: “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 and resilient financial sector that can drive Nigeria’s economic growth and development. This department will be inward-facing and outward-facing as well. The department will be functional by the end of February, so I advise you to stay tuned.”
The CBN Governor added that the launch of a foreign exchange code would provide clear directives on the expectations of market participants, ensuring that the market operates fairly and transparently.
“We will also prioritise 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. The CBN will continue to strengthen financial institutions to enable them to effectively support the real sector,” he stated.
