CBN and Bank of Angola Sign Landmark MoU to Strengthen Financial Cooperation
Oru Leonard
The Central Bank of Nigeria (CBN), and the National Bank of Angola have signed a Memorandum of Understanding (MoU) to deepen bilateral technical cooperation and strengthen cross-border financial supervision between the two institutions. The agreement was signed on the sidelines of the ongoing Annual meetings of the IMF and World Bank in Washington, DC.
The MoU aims to promote knowledge exchange, improve regulatory coordination, and enhance capacity in the execution of central banking functions.
The agreement covers key areas such as:
– Exchange Control: Management of financial markets and foreign reserves
– Currency Management: Economic research and monetary and financial statistics
– Payment Systems: Financial sector development, banking regulation, and cybersecurity
– Anti-Money Laundering: Counter-financing of terrorism (AML/CFT) and staff training
-The objective of the MoU seeks to establish a bilateral platform for reciprocal exchange of technical assistance, enhance capacity development, and foster collaboration in the supervision of financial institutions that operate across borders.
Speaking during the signing ceremon, The CBN Governor, Olayemi Cardoso stated, “This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system.”
Also speaking, Manuel Antonio Tiago Dias the Bank of Angola Governor, Manuel Antonio Tiago Dias noted that, “The MoU represents an important step toward building stronger financial ties between the two countries and, by extension, among African nations.”
The MoU marks a turning point in the Nigerian, Angolan bilateral relationship.
