The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) aimed at fostering closer bilateral relations and enhancing capacity in central banking operations.
The agreement was formalised on Thursday in Washington D.C., on the sidelines of the ongoing IMF/World Bank Annual Meetings, marking a significant milestone in the growing financial cooperation between both nations.
The ceremony was attended by the Governor of the Bank of Angola, Mr. Manuel Antonio Tiago Diaz, and the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso.
MoU reflects the spirit of global collaboration
Speaking at the signing, CBN Governor Yemi Cardoso said the agreement had been long in the making and that its timing and venue were ideal for advancing cross-border collaboration.
“What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group,” Cardoso said.
He noted that the IMF/World Bank forum provides a unique platform for countries to connect, collaborate, and build lasting institutional relationships. According to him, greater cooperation among African central banks will help address shared challenges and strengthen regional financial stability.
A framework for technical exchange and transparency
Earlier, Mohammed Abdullai, CBN Deputy Governor for Economic Policy, described the MoU as a critical milestone in the pursuit of stronger bilateral and institutional cooperation between Nigeria and Angola.
He explained that the agreement would establish a bilateral forum for reciprocal technical exchanges and facilitate cross-border supervision of authorised financial institutions.
“The key areas of cooperation will include exchange control, financial markets, foreign reserves management, currency management, and research and monitoring,” Abdullai said.
He added that the framework would also cover payment systems management, financial sector development, banking supervision and regulation, and market conduct supervision.
Abdullai noted that staff training and experience sharing would be central to the collaboration, fostering institutional capacity and promoting best practices across both central banks.
Strengthening African financial integration
The partnership between the CBN and the Bank of Angola underscores the growing recognition of intra-African financial cooperation as a foundation for sustainable economic growth and resilience.
By deepening collaboration in technical areas and financial oversight, the two institutions aim to build stronger, more transparent, and more integrated banking systems across the continent.
What you should know
- Cardoso had earlier held a meeting with Nigerian fintech leaders where he urged them to match technology innovation with strong governance and consumer protection.
- Cardoso said they must uphold the integrity and trust of the country’s financial system as innovation continues to reshape financial services.
- The session, themed “Shaping the Future of Fintech in Nigeria: Innovation, Inclusion, and Integrity,” brought together fintech founders, investors, regulators, and policy leaders from across the Nigerian financial ecosystem.
Held as a closed-door listening forum, the engagement allowed the CBN to deepen its understanding of industry trends and challenges while exploring policy frameworks that balance innovation with financial stability.