On Thursday in Washington D.C., the Central Bank of Nigeria (CBN) and the Bank of Angola signed a Memorandum of Understanding (MoU) designed to deepen bilateral financial ties and boost central banking capacity. The ceremony, held during the IMF/World Bank Annual Meetings, brought together CBN Governor Yemi Cardoso and Bank of Angola Governor Manuel Antonio Tiago Diaz.
Speaking at the event, Governor Cardoso remarked that:
“What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group.”
He emphasized that the timing and venue offered a prime opportunity to strengthen cross-border collaboration. According to him, enhancing cooperation among African central banks is crucial for tackling shared challenges and bolstering regional financial stability.
CBN’s Deputy Governor for Economic Policy, Mohammed Abdullai, described the MoU as “a critical milestone in the pursuit of stronger bilateral and institutional cooperation between Nigeria and Angola.” Under the agreement, both central banks will launch a bilateral forum for technical exchange and mutual oversight of authorized financial institutions.
Abdullai listed the key areas the MoU will cover
exchange control, financial markets, foreign reserves management, currency management, research and monitoring, payment systems, anking supervision and regulation, market conduct and staff training and knowledge sharing.
By collaborating in these domains, both institutions aim to strengthen their institutional capacity and share best practices.
This partnership signals Nigeria and Angola’s commitment to advancing financial integration within Africa. As the two central banks move toward deeper cooperation, they hope to support more transparent, efficient, and resilient banking systems across the continent.
