CBN, Bank of Angola Sign Pact to Boost Bilateral Financial Cooperation

The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to strengthen bilateral cooperation, promote knowledge sharing, and enhance capacity building across both institutions.

The agreement, sealed on Thursday on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Lima, Peru, was signed by the CBN Governor, Olayemi Cardoso, and his Angolan counterpart, Manuel Antonio Tiago Dias.

Officials said the pact marks a new phase of collaboration between the two central banks and reflects a broader push for regional financial stability across Africa.

Speaking at the signing ceremony—moderated by the CBN Deputy Governor (Economic Policy), Mohammed Abdullahi, and attended by senior officials from both institutions—Cardoso described the MoU as a “timely and significant milestone” in strengthening inter-African cooperation in central banking.

“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,” a statement issued by the apex bank on Friday stated.

According to the CBN Governor, the collaboration aligns with Nigeria’s strategic goal of promoting regional stability, supporting cross-border financial integration, and enhancing institutional resilience within Africa’s monetary landscape.

Providing further details, Abdullahi said the MoU establishes a structured framework for both central banks to exchange technical expertise, regulatory information, and supervisory best practices.

He listed key areas of cooperation to include foreign reserve management, currency operations, monetary policy coordination, payment systems, and cybersecurity. Other areas covered by the pact, he added, include anti-money laundering and counter-terrorism financing, staff training, and the development of financial statistics and research capacity.

“This cooperation will strengthen our collective ability to manage systemic risks, enhance transparency, and promote financial stability in our respective countries,” Abdullahi noted.

He further explained that the framework would support oversight of cross-border financial institutions—a growing priority as African economies become more interconnected through trade and financial services.

In his remarks, the Governor of the Bank of Angola, Manuel Dias, welcomed the partnership, describing it as a “strategic collaboration 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 further noted that the pact aligns with ongoing efforts by African central banks to strengthen intra-continental collaboration in line with the objectives of the African Continental Free Trade Area (AfCFTA) and regional economic integration initiatives.

The agreement comes at a time when African economies are stepping up coordination on monetary policy, digital payments, and anti-money laundering frameworks amid growing regional financial flows and exposure to global economic shocks.

It also underscores Nigeria’s renewed diplomatic and economic outreach within Africa under the administration of President Bola Tinubu, which prioritises financial sector reforms, regional partnerships, and macroeconomic stability.

Under Cardoso’s leadership, the CBN has embarked on a series of policy realignments aimed at restoring confidence in Nigeria’s foreign exchange market and strengthening regulatory oversight.

The latest partnership with Angola is therefore seen as part of a broader effort to reinforce Africa-led solutions to the continent’s financial challenges, particularly in liquidity management, digital finance, and banking supervision.