The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to promote stronger bilateral relations and enhance institutional capacity in central banking operations across both countries.
The signing ceremony, held on Thursday and attended by senior officials from both institutions, featured the Governor of the Bank of Angola, Manuel Tiago Diaz, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as signatories to the agreement.
Milestone for Regional Financial Cooperation
In his remarks, CBN Governor Olayemi Cardoso described the MoU as a major milestone in fostering cooperation between African central banks, noting that the timing and setting of the agreement were “ideal” for advancing regional integration.
“This forum brings together stakeholders from different countries with diverse interests, creating opportunities to meet, collaborate, and build relationships. What we have done today reflects the very spirit of the annual and spring meetings,” Cardoso said.
He added that greater collaboration among central banks on the continent would help address common challenges, improve regulatory coordination, and strengthen Africa’s collective voice in global financial governance.
“I am very pleased, and I believe this marks a significant milestone for both organizations and both countries,” he stated.
Key Areas of Cooperation
In his welcome address, CBN Deputy Governor for Economic Policy, Mohammed Abdullai, described the pact as a “critical development” in deepening bilateral ties between Nigeria and Angola’s financial systems.
He explained that the MoU provides a formal framework for:
- Reciprocal technical exchange and cross-border supervision of authorised institutions,
- Licensing and resolution planning for cross-border banking operations,
- Transparent information sharing, and
- Joint initiatives in policy development and regulatory oversight.
Abdullai further highlighted that the partnership would cover exchange control, financial markets, foreign reserves and currency management, payment systems, financial sector development, and banking supervision and regulation.
Other areas include anti–money laundering and counter-terrorism financing (AML/CFT), market conduct supervision, as well as training and staff capacity development.
Driving Shared Growth Through Collaboration
Officials from both central banks reaffirmed their commitment to sustaining cooperation under the new framework, which is expected to facilitate knowledge sharing, improve regional financial stability, and strengthen macroeconomic management in Africa.
The agreement aligns with broader efforts by African monetary authorities to enhance institutional linkages, harmonise policies, and promote financial integration across the continent.
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