In an effort to enhance bilateral cooperation and technical exchange, the Central Bank of Nigeria (CBN) and the Bank of Angola, on the sidelines of the ongoing annual meetings of the IMF and the World Bank, on Thursday signed a Memorandum of Understanding (MOU) for bilateral technical cooperation.
The agreement, which was signed by the CBN Governor, Olayemi Cardoso, and his counterpart at the Central Bank of Angola, Mr. Manuel Antonio Tiago Díaz, is expected to promote knowledge sharing, enhance regulatory coordination and enhance capacity in the execution of central bank functions.
Speaking at the signing, moderated by CBN Deputy Governor (Economic Policy), Dr Mohammed Sani Abdullahi, and attended by senior officials of both banks, CBN Governor Cardoso described the MoU as a “timely and significant milestone” in fostering regional cooperation between 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 address Africa’s shared economic challenges.
“This forum brings together a multiplicity of stakeholders and interests from around the world, and what we have done today highlights the spirit of cooperation that defines these annual meetings.”
Cardoso emphasized that the pact was in line with the CBN’s strategy of promoting regional stability, supporting cross-border financial integration and building institutional resilience across Africa.
“This agreement gives us the opportunity to strengthen regional understanding, share experiences and build a more interconnected and robust financial system,” he added.
Earlier, CBN Deputy Governor (Economic Policy) Dr Muhammad Sani Abdullahi explained that the MoU provides 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 the reciprocal exchange of technical assistance, enhancing capacity development and fostering collaboration in the supervision of financial institutions operating across borders.
Abdullahi outlined several key areas of cooperation under the MoU, including exchange control, management of financial markets and foreign exchange reserves, foreign exchange management, economic research and monetary and financial statistics.
Others include payment systems, financial sector development, banking regulation, cybersecurity, combating money laundering and the financing of terrorism (AML/CFT) and staff training.
He also highlighted the agreement’s focus on ensuring transparent and seamless information exchange between the two central banks, particularly in the licensing, ongoing supervision and resolution of cross-border financial establishments.
“The cooperation will strengthen our ability to manage systemic risks and ensure stability in our financial sectors. It also provides a platform for shared learning and innovation in central bank operations,” Abdullahi said.
In his remarks, Bank of Angola Governor Manuel Tiago Dias described the MoU as an important step towards building stronger financial ties between the two countries and, by extension, between African nations.
He noted that both central banks share common objectives of promoting macroeconomic stability, developing efficient payment systems and safeguarding their financial sectors against global vulnerabilities.
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