The Central Bank of Nigeria (CBN) has signed a memorandum of understanding (MoU) with the Bank of Angola aimed at fostering closer bilateral relations and enhancing capacity in central banking operations.
The agreement was signed on Thursday on the sidelines of the ongoing annual World Bank/International Monetary Fund (IMF) meetings in Washington DC.
During the signing ceremony, which was attended by senior officials and guests, Manuel Diaz, governor of the Bank of Angola, and Olayemi Cardoso, governor of the CBN, formally endorsed the MoU to deepen financial and technical cooperation.
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Welcoming the dignitaries, Muhammad Abdullahi, CBN deputy governor, economic policy, described the MoU as a “critical development” in the pursuit of strengthened bilateral cooperation.
He emphasised that the agreement would create a bilateral platform for mutual technical cooperation and strengthen supervision of authorised institutions across borders.
Abdullahi said it would also establish a framework for licensing and cross-border resolution planning while ensuring transparent and regular information exchange.
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“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,” he said.
“Training of staff and sharing of experiences will also form part of the collaboration.”
Also speaking, Cardoso noted that the MoU had been long in the making, describing both 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.
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The CBN governor further underscored the agreement’s importance for Africa, noting that greater cooperation among central banks would help tackle common challenges and deepen regional understanding and collaboration.
He expressed hope that the deal would mark a significant milestone “for both organisations and both countries”.
