The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to enhance bilateral collaboration and strengthen institutional capacity in central banking operations.
The signing took place on Thursday in Washington D.C., on the sidelines of the IMF/World Bank Annual Meetings, marking a key milestone in growing financial cooperation between both countries.
The agreement was signed by CBN Governor, Yemi Cardoso, and Bank of Angola Governor, Manuel Antonio Tiago Diaz.
Strengthening Cross-Border Financial Relations
Speaking at the ceremony, CBN Governor Yemi Cardoso described the MoU as a timely step toward fostering stronger regional ties and advancing Africa’s financial integration agenda.
“What we have done today reflects the very spirit of the IMF and World Bank annual meetings,” Cardoso said, noting that the global forum provides an ideal platform for collaboration among countries and institutions.
He emphasized that enhanced cooperation between African central banks would help address shared economic challenges, promote transparency, and improve financial system stability across the continent.
Framework for Technical and Institutional Collaboration
CBN Deputy Governor for Economic Policy, Mohammed Abdullai, highlighted that the agreement will establish a bilateral platform for technical exchanges and cross-border supervision of licensed financial institutions.
He explained that the key areas of cooperation include:
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Exchange control and financial markets
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Foreign reserves and currency management
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Payment systems and financial sector development
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Banking supervision, regulation, and market conduct
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Joint research, monitoring, and capacity building
Abdullai added that training and knowledge-sharing will be central to the partnership, ensuring both institutions build technical depth and align with international best practices.
Advancing Africa’s Financial Integration
The collaboration between the CBN and the Bank of Angola reflects a growing recognition of intra-African cooperation as a crucial driver of sustainable economic growth and resilience.
By working together on financial oversight, transparency, and institutional development, both central banks aim to contribute to a more integrated and robust financial landscape across Africa.
Context
Earlier in the week, Governor Yemi Cardoso met with leading figures in Nigeria’s fintech sector at a closed-door session themed “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion, and Integrity.”
During the meeting, he urged fintech innovators to balance rapid technological growth with strong governance and consumer protection, reaffirming the CBN’s commitment to maintaining stability and trust within Nigeria’s evolving financial ecosystem.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
