Washington d.c.: The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to foster closer bilateral relations and enhance capacity in central banking operations. The signing ceremony took place in Washington D.C, on the sidelines of the ongoing Annual Meetings of the IMF/World Bank Group.
According to News Agency of Nigeria, the development marks a significant step towards strengthening financial cooperation between the two nations. It was attended by the Governor of the Bank of Angola, Mr. Manuel Antonio Tiago Diaz, and the Governor of the Central Bank of Nigeria, Yemi Cardoso. Cardoso stated that the MoU was long in the making, emphasizing that its timing and setting were ideal. He noted that the forum brings together stakeholders from different countries, creating opportunities to meet, collaborate, and build relationships. He remarked, ‘What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group.’
The CBN governor highlighted that increased cooperation among African central banks would help address shared challenges and strengthen regional understanding and collaboration. Welcoming the dignitaries earlier, CBN Deputy Governor, Economic Policy, Mohammed Abdullai, described the MoU as a critical development in the pursuit of strengthened bilateral cooperation. Abdullai explained that the agreement would establish a bilateral forum for reciprocal technical exchange and facilitate border supervision of authorized institutions. He added that it would also provide a framework for licensing and cross-border resolution planning, and ensure transparent, periodic exchange of information.
Key areas of cooperation outlined in the MoU include exchange control, financial markets, foreign reserves management, currency management, and research and monitoring. The agreement also covers payment systems management, financial sector development, banking supervision and regulation, as well as market conduct supervision. Abdullai mentioned that training of staff and sharing of experiences would also form part of the collaboration.