CBN, Bank of Angola sign MoU to deepen banking cooperation

The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) aimed at fostering closer bilateral relations and significantly enhancing capacity in central banking operations.

The agreement was formalized in Washington D.C., on the sidelines of the ongoing IMF/World Bank Annual Meetings, marking a key milestone in the growing financial cooperation between the two African nations.

The ceremony was 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.

Speaking at the signing, CBN Governor Yemi Cardoso said the agreement had been long in the making and that its timing and venue were ideal for advancing cross-border collaboration.

Cardoso noted that the IMF/World Bank forum provides a unique platform for countries to "connect, collaborate, and build lasting institutional relationships," emphasizing that greater cooperation among African central banks will help address shared challenges and strengthen regional financial stability.

Mohammed Abdullai, CBN Deputy Governor for Economic Policy, described the MoU as a critical milestone in the pursuit of stronger bilateral and institutional cooperation.

He explained that the agreement will establish a bilateral forum for reciprocal technical exchanges and facilitate the cross-border supervision of authorized financial institutions.

The primary areas of cooperation are comprehensive, covering; Exchange control, Financial markets, Foreign reserves management, Currency management and Research and monitoring.

Abdullai added that the framework would also include payment systems management, financial sector development, banking supervision and regulation, and market conduct supervision. A central focus of the collaboration will be staff training and experience sharing, which is intended to foster institutional capacity and promote best practices across both central banks.

The partnership underscores the growing recognition of intra-African financial cooperation as a foundational element for sustainable economic growth and resilience. By deepening collaboration in technical areas and financial oversight, the two institutions aim to build stronger, more transparent, and more integrated banking systems across the continent.