The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to foster closer bilateral relations and enhance capacity in central banking operations.
The agreement was signed on Thursday in Washington D.C. on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF) and World Bank Group.
The ceremony, attended by the Governor of the Bank of Angola, Mr Manuel Antonio Tiago Diaz, and the Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, marked a significant step towards strengthening financial cooperation between the two nations.
Cardoso described the agreement as timely and well-positioned within the global financial forum, noting that such gatherings bring together key stakeholders from different countries to collaborate and build lasting relationships.
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“What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group,” he said.
He emphasised that deeper collaboration among African central banks would help address shared financial challenges and promote regional understanding.
Earlier, the CBN Deputy Governor for Economic Policy, Mr Mohammed Abdullai, welcomed the dignitaries and described the MoU as a critical milestone in advancing bilateral cooperation between both countries.
He explained that the agreement would establish a bilateral forum for reciprocal technical exchange and facilitate cross-border supervision of authorised financial institutions.
According to Abdullai, the MoU provides a framework for licensing, cross-border resolution planning, and transparent, periodic information sharing.
He listed the key areas of cooperation to include exchange control, financial markets, foreign reserves management, currency management, research and monitoring, payment systems management, financial sector development, banking supervision and regulation, and market conduct supervision.
He added that staff training and experience sharing would also form part of the collaboration between the two central banks.
