The Central Bank of Nigeria, CBN, and the Bank of Angola, yesterday, signed a Memorandum of Understanding, MoU, aimed at fostering closer bilateral relations and enhancing capacity in central banking operations.

The signing ceremony, attended by senior officials and distinguished guests, saw the Governor of the Bank of Angola, Mr. Manuel Tiago Diaz, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, formally endorsed the agreement.

Speaking at the ceremony, CBN Governor, Cardoso said that the MoU was long in the making and described its timing and setting as ideal.

“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,” he said.

Cardoso further emphasised the significance of the agreement for Africa, stating that 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 organizations and both countries,” he added.

Welcoming the dignitaries, CBN Deputy Governor, Economic Policy, Mohammed Abdullai, described the MoU as a “critical development” in the pursuit of strengthened bilateral cooperation. He highlighted that the agreement would establish a bilateral forum for reciprocal technical exchange, facilitate border supervision of authorized institutions, provide a framework for licensing and cross-border resolution planning, and ensure transparent, 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. “Training of staff and sharing of experiences will also form part of the collaboration.”