The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a memorandum of understanding (MoU) aimed at strengthening bilateral relations and enhancing collaboration in central banking operations.
The agreement was formalised on Thursday on the sidelines of the annual World Bank and International Monetary Fund (IMF) meetings in Washington DC.
CBN Governor Olayemi Cardoso and his Angolan counterpart, Manuel Diaz, signed the deal in the presence of senior officials from both countries. The partnership is designed to deepen financial and technical cooperation between the two central banks.
Speaking at the ceremony, Muhammad Abdullahi, CBN’s Deputy Governor for Economic Policy, described the pact as a “critical development” in advancing bilateral cooperation between Nigeria and Angola.
He explained that the agreement would provide a framework for mutual technical collaboration, stronger supervision of cross-border financial institutions, and improved transparency through regular information exchange.
“The key areas of cooperation will include exchange control, financial markets, foreign reserves management, currency management, research and monitoring, payment systems management, financial sector development, banking supervision and regulation, as well as anti-money laundering and market conduct supervision,” Abdullahi said.
He added that staff training and the sharing of technical expertise would also be central to the partnership.
Governor Cardoso noted that the MoU had been in development for some time, describing its timing as “ideal.”
“This forum brings together stakeholders from different countries with diverse interests, creating opportunities to meet, collaborate, and build relationships. What we have done today reflects the very spirit of the annual meetings,” Cardoso said.
He emphasised that greater cooperation among African central banks would help address shared economic challenges and foster stronger regional collaboration.
Cardoso expressed optimism that the agreement would mark a “significant milestone” for both countries and serve as a model for deepening financial integration across the continent.