CBN, IFSB strengthen ties in Washington

By Fredrick Ameh

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has held a strategic meeting with the Secretary-General of the Islamic Financial Services Board (IFSB), Ghiath Shabsigh, on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C.

The high-level engagement focused on deepening collaboration between Nigeria and the IFSB in advancing the development of Islamic finance, financial stability, and regulatory standards within the country’s financial system.

Governor Cardoso reaffirmed the CBN’s commitment to fostering a resilient and inclusive financial ecosystem, noting that Islamic finance remains a critical component in expanding access to ethical and non-interest banking services in Nigeria. He emphasized the apex bank’s ongoing reforms aimed at strengthening regulatory frameworks and promoting investor confidence.

In his remarks, Shabsigh commended Nigeria’s progress in adopting global standards for Islamic finance and expressed the IFSB’s readiness to support the CBN through technical assistance, capacity building, and policy guidance. He highlighted the importance of aligning Nigeria’s financial system with international best practices to enhance competitiveness and attract investment.

The meeting comes as Nigeria seeks innovative financial solutions to drive economic growth, diversify funding sources, and deepen financial inclusion. Both parties agreed to sustain engagement and explore new opportunities for cooperation, particularly in strengthening institutional capacity and promoting sustainable finance initiatives.