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BN announces new compliance department, projects 4.17% GDP

The Central Bank of Nigeria (CBN) is taking bold steps to strengthen the nation’s financial sector with the launch of a new Compliance Department, slated to begin operations by the end of February 2025.

Governor Olayemi Cardoso made the announcement during the unveiling of the CBN’s 2025 Macroeconomic Outlook Report, titled Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond. The event, held in Lagos, was organized by the Nigerian Economic Summit Group (NESG), with Cardoso joining virtually.

In his address, Cardoso emphasized the pivotal role the new department would play in enhancing the integrity and transparency of Nigeria’s banking system.

According to the governor, this initiative aims to tackle past challenges in line with international best practices.

The Compliance Department will work both internally and externally to foster a more resilient financial sector that will be key to driving Nigeria’s economic growth.

“The Central Bank of Nigeria remains committed to the highest standards of integrity, transparency, and accountability in the banking sector,” Cardoso stated.

He highlighted the earlier introduction of the CBN foreign exchange code as part of the bank’s broader efforts to modernize and regulate the sector.

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“This new department will help address challenges, align us with global standards, and lay the foundation for a more transparent and dynamic financial system,” he added.

Beyond structural reforms, Cardoso also outlined CBN’s strategic focus for the coming year, emphasizing the importance of exchange rate stability.

He stressed that this would be essential for creating a conducive environment for businesses to thrive.

The apex bank will continue to support fiscal policies in key sectors of the economy, ensuring that financial institutions are equipped to meet the needs of the real sector.

Looking ahead, Cardoso confidently projected a 4.17% growth in Nigeria’s GDP for 2025, reflecting optimism about the country’s economic prospects.

He called for closer collaboration between monetary and fiscal authorities, as well as the private sector, to realize this growth and ensure sustained development.

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