The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing transparency and accountability in the banking sector with the establishment of a new Compliance Department. The announcement was made by CBN Governor, Olayemi Cardoso, during the launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group.
Cardoso highlighted that the new Compliance Department, set to begin operations at the end of February, is part of the apex bank’s efforts to restore confidence in Nigeria’s financial industry. The department will play a crucial role in addressing past challenges, aligning with global standards, and building a more transparent financial sector to drive economic growth and development in the country.
The launch of the Compliance Department comes on the heels of the CBN’s approval of the Nigerian Foreign Exchange (FX) Code, aimed at promoting ethical conduct in the nation’s FX market. The Code will serve as a guideline for the banking industry, ensuring that authorized dealers uphold professionalism and integrity when conducting FX transactions.
Looking ahead to 2025, the CBN is committed to prioritizing exchange rate stability to create a more competitive business environment and attract foreign investment. Additionally, the bank will focus on strengthening financial institutions to better support the real sector and businesses in the country.
Cardoso emphasized the importance of collaboration between monetary and fiscal authorities, as well as partnerships with the private sector, to achieve the bank’s objectives effectively. He stressed that this joint effort is crucial for fostering a stable macroeconomic environment.
In conclusion, the establishment of the Compliance Department and the approval of the FX Code demonstrate the CBN’s commitment to promoting transparency and accountability in the banking sector. With a focus on exchange rate stability and strengthening financial institutions, the CBN aims to support economic growth and development in Nigeria.
