Balancing Inclusion, Integrity and Stability

What is it about?

This paper critically analyses the effects of the Central Bank of Nigeria foreign exchange policy on financial inclusion, anti-money laundering measures and human rights. Its aim is to determine if Central Bank of Nigeria's foreign exchange policy does strike a fair balance between financial stability, inclusion, anti-money laundering measures and human rights. The analysis will be done under the following headings: Financial Inclusion, Trade Based Money Laundering, Hawala and Fundamental Rights.

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Why is it important?

Alliance for Financial Inclusion (AFI) has advised regulators and policy makers to design and implement financial regulatory frameworks that minimize risk of abuse related to money laundering and the financing of terrorism, and ensure the safety and soundness of the financial system. This poses a challenge to developing and emerging countries which need to innovate and take advantage of new financial products and services to extend the reach of the financial system. This research explores how the right balance can be found: How can regulators and policy makers design Forex policies that ensure financial stability without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system?

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