The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to deepen financial and technical cooperation.
The agreement was signed on Thursday, October 16, on the sidelines of the ongoing IMF/World Bank annual meeting in Washington, DC, United States.
It was endorsed by the Governor of the Bank of Angola, Manuel Antonio Tiago Diaz, and the CBN Governor, Olayemi Cardoso.
It aims to foster closer bilateral relations and enhance capacity in central banking operations.
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At the signing ceremony, CBN Deputy Governor, Economic Policy, Mohammed Abdullai, described the MoU as a “critical development” in the pursuit of strengthened bilateral cooperation.
He explained that the agreement would establish a bilateral forum for reciprocal technical exchange, facilitate border supervision by authorised institutions, provide a framework for licensing and cross-border resolution planning, and ensure a transparent and periodic exchange of information.
“The key areas of cooperation will include exchange control, financial markets, foreign reserves management, currency management, research and monitoring, payment systems management, financial sector development, banking supervision and regulation, as well as AML/CFT and market conduct supervision,” Abdullai said.
He added that training of staff and sharing of experiences form part of the collaboration.
According to the CBN governor, the MoU was long in the making, describing its timing and setting as ideal.
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“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 believes increased cooperation among central banks would help address shared challenges and strengthen regional understanding and collaboration.
“I am very pleased, and I believe this marks a significant milestone for both organisations and both countries,” Cardoso added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
