The Central Bank of Nigeria and the Bank of Angola have signed a Memorandum of Understanding to strengthen bilateral ties and build capacity in central banking operations.

The agreement was signed on Thursday in Washington D.C., on the sidelines of the IMF/World Bank Annual Meetings, marking a key step in deepening financial cooperation between the two countries.

The signing ceremony was witnessed by the Governor of the Bank of Angola, Mr. Manuel Antonio Tiago Diaz, and the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso.

Speaking at the event, CBN Governor Yemi Cardoso noted that the agreement had been in development for some time, describing its timing and venue as ideal for promoting deeper cross-border collaboration.

“What we have done today reflects the very spirit of the annual and spring meetings of the World Bank Group,” Cardoso said.

He explained that the IMF/World Bank forum offers a unique platform for countries to connect, collaborate, and forge lasting institutional partnerships.

Earlier, CBN Deputy Governor for Economic Policy, Mohammed Abdullai, described the MoU as an important step toward deepening bilateral and institutional collaboration between Nigeria and Angola.

According to him, stronger cooperation among African central banks is essential to tackling shared challenges and promoting regional financial stability.

He stated that the agreement would create a bilateral platform for mutual technical cooperation and enable cross-border supervision of licensed financial institutions.

“The key areas of cooperation will include exchange control, financial markets, foreign reserves management, currency management, and research and monitoring,” Abdullai said.

He further noted that the framework would encompass payment systems management, financial sector development, banking supervision and regulation, as well as market conduct oversight.

Abdullai emphasized that staff training and the exchange of experience would be key to the collaboration, enhancing institutional capacity and promoting best practices within both central banks.

The collaboration between the CBN and the Bank of Angola highlights the increasing importance of intra-African financial cooperation as a cornerstone for sustainable economic growth and resilience.