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From Uche Usim, Washington DC
To strengthen regional financial collaboration, the Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) for bilateral technical cooperation on the sidelines of the ongoing IMF–World Bank Annual Meetings in Washington DC.
The agreement, endorsed by CBN Governor, Olayemi Cardoso and his Angolan counterpart, Mr. Manuel Antonio Tiago Dias, aims to promote knowledge exchange, enhance regulatory coordination and build institutional capacity in the execution of central banking functions across both nations.
Speaking at the signing ceremony, moderated by CBN Deputy Governor (Economic Policy), Dr. Mohammed Sani Abdullahi, and attended by senior officials of the two institutions, Cardoso described the pact as a “timely and significant milestone” in advancing regional cooperation among African central banks.
He noted that the agreement had been long in the making and reflected a shared commitment to addressing Africa’s economic challenges through collaboration and technical exchange.
“This forum brings together a multiplicity of stakeholders and interests from across the globe. “What we’ve done today highlights the spirit of cooperation that defines these annual meetings”, Cardoso stated.
The CBN Governor added that the MoU aligns with the Bank’s broader strategy of fostering regional stability, deepening cross-border financial integration, and strengthening institutional resilience within the African financial ecosystem.
“This agreement gives us the opportunity to strengthen regional understanding, share experiences and build a more interconnected and robust financial system,” he added.
Earlier, the Deputy Governor of CBN in charge of economic policy, Dr. Mohammed Abdullahi, explained that the MoU creates a structured framework for both central banks to exchange knowledge, technical expertise, and supervisory information.
He said the objectives include establishing a bilateral platform for reciprocal technical assistance, enhancing capacity development, and promoting collaboration in the oversight of financial institutions operating across borders.
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Abdullahi listed several key areas of cooperation covered under the agreement, such as exchange control, financial market and reserve management, currency operations, economic research, and monetary and financial statistics. Others include payment systems development, banking supervision, cybersecurity, anti-money laundering and counter-financing of terrorism (AML/CFT), and staff training.
He added that the MoU also focuses on facilitating transparent and efficient information sharing between the two central banks, especially in the licensing, supervision, and resolution of cross-border financial institutions.
“This cooperation will strengthen our capacity to manage systemic risks and ensure stability in our financial sectors.
“It also provides a platform for shared learning and innovation in central banking operations”, he said.
In his remarks, the Governor of the Bank of Angola, Mr. Manuel Tiago Dias, commended the initiative, describing it as a vital step toward strengthening financial ties between Nigeria and Angola, and by extension, fostering economic integration across Africa.
He noted that both central banks share the same commitment to promoting macroeconomic stability, developing efficient payment systems, and safeguarding their economies from global vulnerabilities.
“Our collaboration with the CBN represents a shared vision for a stronger, more resilient African financial system,” Dias said.
