The Central Bank of Nigeria (CBN) and the National Bank of Angola have signed a landmark Memorandum of Understanding (MoU) aimed at deepening financial cooperation and strengthening cross-border regulatory oversight between both countries.

The agreement, which was formalised on the sidelines of the 2025 IMF/World Bank Annual Meetings in Washington, DC, seeks to enhance technical collaboration, promote knowledge sharing, and improve coordination in central banking operations.

CBN Governor, Mr. Olayemi Cardoso, and his Angolan counterpart, Mr. Manuel Antonio Tiago Dias, jointly signed the pact in the presence of senior officials from both institutions.

Describing the MoU as a “timely and significant milestone,” Cardoso said it aligns with CBN’s strategic objective of promoting regional financial stability and advancing Africa’s economic integration.

“This has been long in the making, and I’m delighted we have brought it to fruition,” Cardoso stated. “It comes at an opportune moment when cooperation among African financial institutions is crucial to tackling shared economic challenges.”

He added that the partnership would help build institutional resilience across the continent, foster mutual learning, and support innovations in central banking.

“Our economies face similar challenges, from monetary policy coordination to digital transformation. This collaboration will enable us to strengthen regional understanding and create a more interconnected and robust financial ecosystem,” he said.

CBN Deputy Governor (Economic Policy), Dr. Muhammad Sani Abdullahi, explained that the MoU provides a framework for both central banks to exchange technical expertise, enhance capacity development, and cooperate on cross-border financial supervision.

He highlighted key areas of partnership, including exchange control, foreign reserves management, payments systems, economic research, banking regulation, cybersecurity, and anti-money laundering (AML/CFT).

Abdullahi noted that the pact also ensures transparent and efficient information exchange between the two institutions, particularly in the licensing and supervision of financial establishments operating across both jurisdictions.

Angola’s Central Bank Governor, Mr. Tiago Dias, described the agreement as a “forward-looking step” towards building stronger financial ties between Nigeria and Angola, while promoting macroeconomic stability and efficient payment systems across Africa.

He lauded the CBN for its proactive leadership and commitment to strengthening continental cooperation.

In recent months, the CBN has intensified efforts to expand its international partnerships, with similar agreements signed with other African central banks to advance regional financial integration and macroeconomic stability.

The MoU with Angola, both oil-rich economies, underscores Nigeria’s growing influence in driving Africa’s financial cooperation and commitment to fostering shared prosperity on the continent.