October 17, (THEWILL) — The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to strengthen bilateral technical cooperation between both institutions.
The agreement, aimed at promoting knowledge exchange, improving regulatory coordination, and enhancing capacity in central banking functions, was signed on Thursday on the sidelines of the ongoing IMF and World Bank Annual Meetings.
CBN Governor, Olayemi Cardoso, and his Angolan counterpart, Mr. Manuel Antonio Tiago Dias, signed the document at a ceremony moderated by CBN Deputy Governor (Economic Policy), Dr. Mohammed Sani Abdullahi. Senior officials from both institutions were also in attendance.
Speaking at the event, Cardoso described the MoU as a “timely and significant milestone” in fostering regional cooperation among African central banks.
He noted that the agreement, which had been in the works for some time, reflected the growing understanding that collaboration is essential to tackling Africa’s shared economic challenges.
“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,” he said.
Cardoso explained that the pact aligns with the CBN’s strategic goal of promoting regional stability, supporting cross-border financial integration, and building institutional resilience across Africa.
“This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system,” he added.
Earlier, Dr. Abdullahi said the MoU provides a structured framework for both central banks to exchange technical expertise, supervisory information, and capacity development initiatives.
He outlined the objectives of the agreement to include establishing a bilateral platform for reciprocal technical assistance, enhancing capacity building, and fostering collaboration in the supervision of financial institutions operating across borders.
According to him, key areas of cooperation under the MoU include exchange control, financial market and foreign reserve management, currency operations, economic research, and monetary and financial statistics.
Other areas are payment systems, financial sector development, banking regulation, cybersecurity, anti-money laundering and counter-financing of terrorism (AML/CFT), and staff training.
He further emphasized that the agreement ensures transparent and efficient information exchange between the two central banks, especially in the licensing, supervision, and resolution of cross-border financial institutions.
“The 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,” Abdullahi stated.
In his remarks, the Governor of the Bank of Angola, Mr. Manuel Tiago Dias, described the MoU as an important step toward deepening financial ties between the two countries and fostering greater regional collaboration across Africa.
He noted that both central banks share common goals of promoting macroeconomic stability, developing efficient payment systems, and safeguarding their financial sectors against global vulnerabilities.
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