The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) aimed toward fostering nearer bilateral relations and enhancing capability in central banking operations.
The settlement was formalised on Thursday in Washington D.C., on the sidelines of the continued IMF/World Bank Annual Conferences, marking a big milestone within the rising monetary cooperation between each 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.
MoU displays the spirit of worldwide collaboration
Talking on the signing, CBN Governor Yemi Cardoso stated the settlement had been lengthy within the making and that its timing and venue had been excellent for advancing cross-border collaboration.
“What we’ve performed at the moment displays the very spirit of the annual and spring conferences of the World Bank Group,” Cardoso stated.
He famous that the IMF/World Bank discussion board gives a singular platform for nations to attach, collaborate, and construct lasting institutional relationships. Based on him, higher cooperation amongst African central banks will assist deal with shared challenges and strengthen regional monetary stability.
A framework for technical trade and transparency
Earlier, Mohammed Abdullai, CBN Deputy Governor for Financial Coverage, described the MoU as a essential milestone within the pursuit of stronger bilateral and institutional cooperation between Nigeria and Angola.
He defined that the settlement would set up a bilateral discussion board for reciprocal technical exchanges and facilitate cross-border supervision of authorised monetary establishments.
“The important thing areas of cooperation will embody trade management, monetary markets, international reserves administration, forex administration, and analysis and monitoring,” Abdullai stated.
He added that the framework would additionally cowl fee techniques administration, monetary sector growth, banking supervision and regulation, and market conduct supervision.
Abdullai famous that employees coaching and expertise sharing can be central to the collaboration, fostering institutional capability and selling finest practices throughout each central banks.
Strengthening African monetary integration
The partnership between the CBN and the Bank of Angola underscores the rising recognition of intra-African monetary cooperation as a basis for sustainable financial development and resilience.
By deepening collaboration in technical areas and monetary oversight, the 2 establishments goal to construct stronger, extra clear, and extra built-in banking techniques throughout the continent.
What you must know
- Cardoso had earlier held a gathering with Nigerian fintech leaders the place he urged them to match expertise innovation with sturdy governance and client safety.
- Cardoso stated they need to uphold the integrity and belief of the nation’s monetary system as innovation continues to reshape monetary companies.
- The session, themed “Shaping the Way forward for Fintech in Nigeria: Innovation, Inclusion, and Integrity,” introduced collectively fintech founders, traders, regulators, and coverage leaders from throughout the Nigerian monetary ecosystem.
Held as a closed-door listening discussion board, the engagement allowed the CBN to deepen its understanding of trade traits and challenges whereas exploring coverage frameworks that stability innovation with monetary stability.
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