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By Daniel Adaji
The Central Bank of Nigeria (CBN) and its counterpart in Angola have signed a Memorandum of Understanding (MoU) to strengthen cooperation and promote regional financial stability.
The agreement, signed on Thursday, on the sidelines of the IMF and World Bank Annual Meetings, aims to enhance knowledge exchange, improve regulatory coordination, and build capacity in central banking operations.
The Nigerian apex bank disclosed this in a statement on Friday.
At the signing, CBN Governor Olayemi Cardoso and his Angolan counterpart, Governor Manuel António Tiago Dias, hailed the arrangement as a significant step toward regional financial integration and resilience. Moderated by CBN Deputy Governor (Economic Policy) Dr. Mohammed Sani Abdullahi, the ceremony drew senior officials from both institutions.
“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings,” Cardoso stated.
He described the MoU as a “timely and significant milestone” in strengthening ties among African central banks, adding that it reflects the growing consensus that collaboration is essential to confront the continent’s economic challenges.
He further noted that the pact aligns with CBN’s broader strategy to promote regional stability, support cross-border financial integration, and build institutional resilience across Africa.
“This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system,” he said.
Abdullahi explained that the agreement envisages a structured bilateral platform for reciprocal technical assistance, capacity development, and coordinated supervision of financial institutions operating across borders. Key areas of cooperation include exchange control, management of financial markets and foreign reserves, currency management, economic research, monetary and financial statistics, payment systems, banking regulation, cybersecurity, anti-money laundering/combating the financing of terrorism (AML/CFT), and staff training.
“The cooperation will strengthen our capacity to manage systemic risks and ensure stability in our financial sectors. It also provides a platform for shared learning and innovation in central banking operations,” Abdullahi stated.
He added that a focus of the arrangement is ensuring smooth, transparent exchange of information in licensing, supervision, and resolution of cross-border financial establishments.
Governor Dias of the Bank of Angola described the MoU as a decisive move toward forging stronger financial bonds between Nigeria and Angola—and, by extension, among other African economies.
He noted that both central banks share common objectives of promoting macroeconomic stability, efficient payment systems, and shielding their financial sectors from global vulnerabilities.
*Why this matters: The bigger picture on African central bank cooperation*
The MoU between the CBN and the Bank of Angola fits into a series of recent efforts by Nigeria to forge closer ties with peer central banks in Africa. It builds on previous agreements and initiatives by the CBN to share expertise and coordinate policy with counterpart institutions across the continent.
According to the CBN’s own records, the bank is actively engaged in “economic diplomacy” through bilateral agreements and MoUs with other countries—an approach intended to bolster Nigeria’s role in regional financial integration.
For example, in recent years, the CBN has engaged in technical partnerships with central banks in neighbouring West African states, often focusing on payments interoperability, cross-border supervision, and exchange of monetary policy techniques. These collaborative frameworks are seen as essential to mitigating spillover risks in interconnected regional banking systems.
From Angola’s side, the Bank of Angola (Banco Nacional de Angola, BNA) is the nation’s central bank and sole monetary authority. It is wholly state-owned and possesses administrative, financial, and patrimonial autonomy. Under Angola’s Law No. 16/10, the BNA is mandated to preserve the value of the national currency (the Kwanza), and execute, monitor, and control monetary, exchange rate, and credit policies.
The BNA also oversees the national payment system and regulates (with few exceptions) both banking and non-banking financial institutions within Angola. In recent times, the Angolan central bank has pushed reforms to improve its regulatory frameworks.
For instance, in early 2025 it issued a directive mandating all institutions under its supervision to draft resolution plans and submit detailed reports annually aimed at shoring up financial stability. The BNA has also advanced liberalisation of foreign exchange (FX) operations by easing its approval regime and lifting licensing oversight on certain capital operations.
Economically, Angola continues to wrestle with inflation rates exceeding 22 per cent (as of April 2025), even as its central bank has held its key policy rate at 19.50 per cent across successive meetings, citing global uncertainty. The BNA projects inflation will decline to around 17.5 per cent by year-end.
The MoU with Nigeria arrives at a time when Angola is looking to deepen its financial institutional strength and further align with regional and global norms. For Nigeria, the agreement extends its reach into a strategic Southern African economy and offers new channels for influence and coordination beyond its traditional West African sphere.
Expected Derivatives
Under the MoU’s framework, the two central banks are likely to exchange staff, share research, and coordinate supervisory activities. They may also explore joint training programmes and technical workshops. Given Nigeria’s more advanced financial infrastructure, and Angola’s push to modernise, the partnership could accelerate upgrading of practices in risk management, payments infrastructure, and cross-border banking oversight.