KEY POINTS
- The Bank of Angola and the CBN ink a deal to work together more closely.
- Pact covers monetary policy, cybersecurity, and payment systems.
- Agreement strengthens Africa’s regional financial integration efforts.
The Central Bank of Nigeria (CBN) and the Bank of Angola have signed a Memorandum of Understanding (MoU) to strengthen cooperation, promote knowledge sharing, and enhance capacity building between both institutions.
The agreement, sealed on Thursday on the sidelines of the IMF and World Bank Annual Meetings in Lima, Peru, was signed by CBN Governor Olayemi Cardoso and Angolan Central Bank Governor Manuel Antonio Tiago Dias.
Officials said the deal marks a new chapter of collaboration in Africa’s central banking space, reflecting a shared commitment to regional financial stability and policy alignment. Cardoso therefore described the partnership as a “timely and significant milestone” in advancing inter-African cooperation in financial governance.
CBN, Bank of Angola partnership to strengthen monetary coordination
Speaking at the signing ceremony moderated by CBN Deputy Governor (Economic Policy) Mohammed Abdullahi, Cardoso said the pact would help build “a more interconnected and resilient African financial system capable of withstanding external shocks.”
Furthermore, Abdullahi explained that the MoU establishes a structured framework for technical exchange, regulatory cooperation, and supervisory best practices. Key focus areas include foreign reserves management, currency operations, monetary policy coordination, cybersecurity, and digital payment systems.
He added that both institutions will also collaborate on anti-money laundering, counter-terrorism financing, and staff training, key areas essential for regional financial integrity.
“This cooperation will enhance our collective ability to manage systemic risks and promote financial stability,” Abdullahi said.
MoU aligns with Africa’s economic integration goals
Angola’s Central Bank Governor, Dias, hailed the agreement as a “strategic partnership” that supports mutual goals of stability, inclusion, and modernisation of financial systems.
He also noted that the collaboration aligns with the broader objectives of the African Continental Free Trade Area (AfCFTA) and ongoing regional economic integration efforts.
The partnership also demonstrates that Nigeria is getting more involved in Africa’s economy and diplomacy again. This is especially true under President Bola Tinubu, whose administration is attempting to build trust in the market and push for cross-border financial reforms.
The CBN has changed its rules under Cardoso to make the naira more stable, the foreign currency market more open, and the government more in charge. Finally, the Angola deal makes Nigeria’s position as a leader in African-led financial solutions that focus on digital finance, managing liquidity, and overseeing banks even stronger.
