Nigeria, Angola Central Banks sign MoU to deepen bilateral technical cooperation
Washington D.C || The Central Banks of Nigeria and Angola on Thursday in Washington, D.C., signed a Memorandum of Understanding (MoU) for bilateral technical cooperation, marking a significant step toward strengthening financial and institutional ties between the two countries.
The objectives of the MoU include, among others, the establishment of a bilateral forum for the reciprocal exchange and sharing of technical assistance between the two central banks to enhance capacity in the execution of their respective central banking functions.
The agreement seeks to promote cooperation and collaboration in the cross-border supervision of authorised institutions and the exchange of cybersecurity information between the two authorities. It also provides for the licensing, ongoing supervision, resolution planning, and implementation of resolution measures for cross-border financial establishments, ensuring that both countries’ financial systems remain sound, resilient, and transparent.
Another key objective of the agreement is to ensure transparent and seamless periodic exchange of information while defining clear procedures for such exchanges. The MoU identifies critical areas of cooperation that include exchange control, financial markets and foreign reserves management, currency management, economic research, and monetary and financial statistics. It will also cover the management of payment, clearing, and settlement systems, financial sector development, banking supervision and regulation, and cross-border supervision of financial institutions, including due diligence where applicable.
Additionally, it emphasises joint efforts in anti-money laundering and combating the financing of terrorism (AML/CFT) as well as market conduct supervision. The cooperation will further extend to staff training, capacity building, and the exchange of experiences within the scope of each institution’s respective responsibilities.
Speaking at the official signing ceremony in Washington, D.C., Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), expressed deep satisfaction with the signing of the agreement, describing it as timely and strategically important. “Thank you very much for coming here today and for this technical cooperation agreement that we have just signed. This is something that has been long in the making, and I am very pleased that we have been able to execute the agreement today. Quite frankly, it could not have come at a better time or in a better place,” he said.
Explaining further, Cardoso emphasised that the forum in which the agreement was signed represented an ideal setting for such a milestone because of its global relevance and the opportunities it offers for partnership. “Why do I say this? Because we all know that this particular forum brings together a multiplicity of stakeholders, diverse interests, and people from different countries who come here to build relationships and foster collaboration. I believe that what we have done today truly reflects the spirit that guides our participation in the annual and spring meetings every year,” he stated.
He added that the signing reflected the growing spirit of African cooperation and underscored the need for stronger regional partnerships to tackle common challenges. “I am very pleased that this has taken place here today, and even more so because this is exactly what Africa needs, more cooperation and stronger partnerships. We face similar challenges across the continent, and initiatives like this give us an opportunity to deepen regional understanding and enhance cooperation,” he said.
Cardoso concluded by expressing optimism that the agreement would serve as a foundation for enduring collaboration between Nigeria and Angola in the financial and economic space. “I am truly delighted, as I believe this marks a landmark moment for both organizations and for both countries,” he declared.
On his part, Manuel António Tiago Dias, governor of the Central Bank of Angola, expressed appreciation to his Nigerian counterpart and acknowledged the collaborative spirit that had made the signing possible. “Thank you from the Central Bank of Nigeria. Thank you to the Executive Governor and alternate head in our constituency at the World Bank. We have signed the protocol in both Portuguese and English,” he said, reaffirming Angola’s commitment to working closely with Nigeria to advance mutual economic interests.
The signing of this MoU between the two central banks is expected to lay a solid foundation for greater cooperation, knowledge exchange, and institutional strengthening between Nigeria and Angola, two of Africa’s leading oil-producing nations with shared ambitions for financial stability and regional integration.
