The Central Bank of Nigeria (CBN) and the Bank of Angola yesterday formalized a Memorandum of Understanding (MoU) aimed at deepening bilateral relations and enhancing capacity in central banking operations between the two institutions.

The signing ceremony, attended by senior officials and distinguished guests, featured the Governors of both central banks, Mr. Olayemi Cardoso of Nigeria and Mr. Manuel Tiago Diaz of Angola who officially endorsed the landmark agreement.

Speaking at the event, Governor Cardoso described the MoU as a product of long-standing dialogue, noting that its timing amid the ongoing forum was particularly fitting. “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.

Governor Cardoso underscored the broader significance of the pact for Africa’s financial architecture, emphasizing that enhanced cooperation among central banks is vital for addressing shared challenges and fostering regional integration. “I am very pleased, and I believe this marks a significant milestone for both organizations and both countries,” he added.

In his remarks, CBN Deputy Governor for Economic Policy, Mohammed Abdullai, hailed the MoU as a critical development in advancing bilateral collaboration. He highlighted that the agreement will establish a formal bilateral forum for technical exchanges, facilitate cross-border supervision of authorized institutions, and provide a framework for licensing and resolution planning.

Abdullai further detailed the key areas of cooperation to include exchange control, financial markets, foreign reserves and currency management, research and monitoring, payment systems oversight, financial sector development, banking supervision, and regulation, as well as anti-money laundering (AML), combating the financing of terrorism (CFT), and market conduct supervision.

“Training of staff and sharing of experiences will also form a central part of the collaboration,” he added, underscoring the commitment to continuous capacity building and knowledge transfer between the two central banks.

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