Cardoso meets Brazil's central bank chief, says Afro-Brazilian community will boost remittance flows

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Brazil’s large Afro-Brazilian community, the largest population of African descent outside Africa, presents significant potential to expand remittance flows between the two countries.

According to a statement by the CBN on Saturday, Cardoso spoke during a meeting with Gabriel Galípolo, president of the Central Bank of Brazil.

The meeting was part of President Bola Tinubu’s state visit to Brazil.

CBN said its delegation engaged in key economic discussions with Brazilian officials covering monetary policy, financial stability, and regulatory cooperation.

During the meeting, Cardoso highlighted the importance of deepening institutional ties and knowledge-sharing between the two central banks, pointing to opportunities in payment systems, fintech, and mobile money.

“Nigeria is building a more resilient financial system to attract capital, harness diaspora remittances, and create a stable environment where trade and investment can thrive,” he said.

“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own.”

On his part, Galípolo welcomed the talks and reiterated that Brazil wants to broaden collaboration with Nigeria, as closer ties will support financial stability and shared prosperity.

On August 11, Yusuf Tuggar, minister of foreign affairs, said Nigerians abroad contributed over $20 billion to the country’s economy in 2024.