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The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to deepen bilateral cooperation and strengthen capacity in central banking operations between both countries.
The agreement was formalised on Thursday in Washington D.C. on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings, marking an important milestone in the growing financial relationship between Nigeria and Angola.
The signing ceremony was attended by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, and the Governor of the Bank of Angola, Mr. Manuel Antonio Tiago Diaz. Both officials expressed optimism that the MoU would lay the foundation for stronger collaboration, improved transparency, and knowledge sharing between the two central banks.
Speaking at the ceremony, CBN Governor Cardoso described the agreement as timely, adding that it represents the true spirit of global collaboration that defines the IMF and World Bank meetings.
“What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group,” Cardoso said. “This forum provides countries with an opportunity to connect, collaborate, and build lasting institutional partnerships.”
He explained that the partnership would help both countries tackle common financial challenges and strengthen regional economic stability through shared expertise and coordinated policy approaches.
Cardoso emphasised that enhanced cooperation among African central banks would help the continent build stronger financial institutions capable of promoting growth and managing risks in an increasingly interconnected global economy.
The Deputy Governor of the CBN in charge of Economic Policy, Mr. Mohammed Abdullai, also highlighted the importance of the agreement, describing it as a “critical milestone” in the pursuit of closer institutional and economic ties between Nigeria and Angola.
He said the MoU would establish a formal platform for technical exchange and mutual cooperation, particularly in areas such as financial supervision, reserves management, payment systems, and banking regulation.
“The key areas of cooperation will include exchange control, financial markets, foreign reserves management, currency management, and research and monitoring,” Abdullai said. “It will also extend to payment systems oversight, financial sector development, banking supervision, and market conduct regulation.”
According to him, the framework will prioritise staff training, technical assistance, and knowledge sharing between both institutions, with a focus on promoting efficiency, transparency, and best practices in central banking operations.
The agreement is also expected to improve cross-border supervision of authorised financial institutions operating between the two countries, thereby reducing systemic risks and enhancing policy coordination.
Observers have noted that this development signals a broader move toward stronger intra-African financial integration, as more countries on the continent explore collaborative mechanisms to support economic stability and reduce dependence on external institutions.
The partnership between the CBN and the Bank of Angola aligns with the objectives of the African Continental Free Trade Area (AfCFTA), which encourages African countries to harmonise financial systems, boost investment flows, and strengthen regional resilience against global shocks.
Analysts believe that by sharing expertise in areas such as monetary policy, digital finance, and foreign exchange management, Nigeria and Angola can jointly improve their economic outlook and contribute to the continent’s financial inclusion goals.
In a related development, Governor Cardoso also held a private roundtable with leaders of Nigeria’s fintech sector earlier this week, where he urged innovators to combine technological advancement with strong governance and consumer protection.
During the session themed “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion, and Integrity,” Cardoso emphasised the importance of maintaining trust and stability in the financial system as digital innovation continues to transform the sector.
The meeting, attended by fintech founders, investors, and policy leaders, served as a platform for dialogue between the CBN and the industry, helping the regulator understand emerging trends and explore balanced policies that support innovation while safeguarding financial integrity.
The recent MoU and fintech engagements reflect the CBN’s renewed focus on strengthening institutional partnerships, promoting transparency, and aligning Nigeria’s financial system with global best practices.
