A partnership aimed to strengthen bilateral financial cooperation has been forged between the Central Bank of Nigeria (CBN) and the Bank of Angola.
Under the Memorandum of Understanding (MoU), both parties will design a structured framework to share information on how to operate optimally.
They will work together on monetary policy coordination, foreign reserve management, cybersecurity, currency operations, payment systems, counter-terrorism financing, staff training, research capacity, and financial statistics development.
Speaking after sealing the deal on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings on Thursday in the United States, the Deputy Governor of the CBN for Economic Policy, Mr Mohammed Abdullahi, disclosed that the collaboration would focus on fighting money laundering and terrorism financing, as well as training workers and developing research capacity.
“This cooperation will strengthen our collective ability to manage systemic risks, enhance transparency, and promote financial stability in our respective countries,” he was quoted as saying in a statement issued by the central bank on Friday.
“The agreement provides us an opportunity to build a more interconnected and resilient African financial system capable of withstanding external shocks,” he added.
On his part, the Angolan central bank governor, Mr Manuel Antonio Tiago Dias, said the deal was a “strategic partnership” that would help both countries achieve their common goals, such as promoting financial inclusion, modernising payment systems, and maintaining economic stability.
“Nigeria and Angola share similar macroeconomic aspirations, maintaining stability, fostering financial inclusion, and modernising our payment systems. This MoU allows us to work together toward these common goals,” he said.