In an effort to enhance bilateral cooperation and technical exchange, the Central Bank of Nigeria (CBN) and the Bank of Angola, have signed a Memorandum of Understanding (MOU) for bilateral technical cooperation on the sidelines of the ongoing Annual meetings of the IMF and World Bank on Thursday in Washington D.C, United States.
The agreement, which was signed by the CBN Governor, Olayemi Cardoso, and his counterpart from the Central Bank of Angola, Mr Manuel Antonio Tiago Diaz, aims to promote knowledge exchange, improve regulatory coordination, and enhance capacity in the execution of central banking functions.
Speaking at the MoU signing event, which was moderated by the CBN Deputy Governor (Economic Policy), Dr. Mohammed Abdullahi, and attended by senior officials of both banks, the CBN governor described the MoU as a “timely and significant milestone” in fostering regional cooperation among African central banks.
He noted that the agreement had been in the works for some time and reflected the growing understanding that collaboration was essential to addressing Africa’s shared economic challenges.
- Advertisement -
“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.”
Cardoso stressed that the pact was in line with the CBN’s strategy to promote regional stability, support cross-border financial integration, and build institutional resilience across Africa.
He said: “This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system.”
Earlier in his speech, the CBN Deputy Governor (Economic Policy) explained that the MoU provided a structured framework for both central banks to share knowledge, technical expertise, and supervisory information.
He said the objectives of the agreement include establishing a bilateral platform for reciprocal exchange of technical assistance, enhancing capacity development, and fostering collaboration in the supervision of financial institutions that operate across borders.
Abdullahi outlined several key areas of cooperation under the MoU, including exchange control, management of financial markets and foreign reserves, currency management, economic research, and monetary and financial statistics.
Others are payment systems, financial sector development, banking regulation, cybersecurity, anti-money laundering and counter-financing of terrorism (AML/CFT), and staff training.
He also highlighted the agreement’s focus on ensuring a transparent and smooth exchange of information between the two central banks, particularly in the licensing, ongoing supervision, and resolution of cross-border financial establishments.
Abdullahi said: “The cooperation will strengthen our capacity to manage systemic risks and ensure stability in our financial sectors. It also provides a platform for shared learning and innovation in central banking operations.”
In his remarks, the Governor of the Bank of Angola, Mr. Manuel Tiago Dias, described the MoU as an important step toward building stronger financial ties between the two countries and, by extension, among African nations.
He noted that both central banks shared common objectives of promoting macroeconomic stability, developing efficient payment systems, and safeguarding their financial sectors against global vulnerabilities.
