The Central Bank of Nigeria (CBN) and the Bank of Angola have entered into a new Memorandum of Understanding (MoU) designed to deepen cooperation, share technical knowledge, and strengthen institutional capacity between the two financial regulators.
The agreement was formalized on Thursday during the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Lima, Peru.
It was signed by the CBN Governor, Olayemi Cardoso, and his Angolan counterpart, Manuel Antonio Tiago Dias.
READ ALSO: CBN to Banks: Refund failed ATM withdrawals within 48 hours
According to officials, the deal ushers in a new era of strategic collaboration and demonstrates a collective African commitment to regional financial stability.
At the signing event—moderated by the CBN’s Deputy Governor for Economic Policy, Mohammed Abdullahi—Cardoso described the MoU as a “timely and significant milestone” in promoting stronger cooperation among African central banks.
“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.
“The agreement provides us an opportunity to build a more interconnected and resilient African financial system capable of withstanding external shocks,” the apex bank stated in a press release issued Friday.
Cardoso added that the partnership aligns with Nigeria’s broader goals of advancing regional financial integration, fortifying monetary systems, and ensuring macroeconomic resilience across the continent.
Deputy Governor Abdullahi further explained that the MoU creates a structured mechanism for both institutions to exchange knowledge on regulation, technical expertise, and supervisory frameworks.
He outlined priority areas including monetary policy coordination, foreign reserves management, currency operations, payment systems, and cybersecurity. Other components of the partnership include anti-money laundering measures, counter-terrorism financing, staff training, and data-driven financial research.
“This cooperation will strengthen our collective ability to manage systemic risks, enhance transparency, and promote financial stability in our respective countries,” Abdullahi noted.
He also emphasized that the framework would facilitate better oversight of cross-border financial institutions, reflecting the increasing interconnection of African economies through trade and banking services.
Governor Dias of the Bank of Angola described the collaboration as a “strategic partnership that will help both nations deepen financial integration and institutional reform.”
“Nigeria and Angola share similar macroeconomic aspirations, maintaining stability, fostering financial inclusion, and modernising our payment systems. This MoU allows us to work together toward these common goals,” he said.
Dias also observed that the initiative supports the objectives of the African Continental Free Trade Area (AfCFTA) by promoting intra-African monetary cooperation and regional integration.
The agreement comes at a critical time when many African countries are coordinating on issues such as digital payments, monetary policy, and anti-money laundering reforms amid growing exposure to global economic disruptions.
It further underscores Nigeria’s renewed regional engagement under President Bola Tinubu’s administration, which prioritizes economic diplomacy, institutional reform, and macroeconomic stability.
Under Cardoso’s leadership, the CBN has launched several reform measures aimed at restoring market confidence, improving regulatory transparency, and strengthening Nigeria’s financial ecosystem.
This latest partnership with Angola therefore represents another step toward advancing Africa-driven solutions for sustainable growth, particularly in liquidity management, financial innovation, and banking supervision.