The Central Bank of Nigeria (CBN) and Bank of Angola have signed Memorandum of Understanding (MOU) to enable them exchange technical assistance that would strengthen financial sector regulations in both countries.

The partnership deal, inked at the just concluded 2025 International Monetary Fund (IMF)/World Bank Annual Meetings in Washington DC, further extends to payment, clearing and settlement systems management as well as financial sector development.

Both apex bank leaders said the MoU aligns with Africa’s broader goals of economic integration and financial stability.

Stakeholders say a financially stable Africa’s financial system comes with great benefits for the continent.

Aside from creating a larger single market, increasing intra-African trade, boosting productivity and competitiveness, a financially stable Africa will help in attracting more foreign direct investment to the continent.

CBN Governor, Olayemi Cardoso, who signed on behalf of the Bank alongside the Governor of the Central Bank of Angola, Manuel Antonio Tiago Diaz, noted that the MoU aligns with Africa’s broader goals of economic integration and financial stability.

Both apex bank leaders said the partnership marks a critical development between the two institutions in their efforts to deepen bilateral cooperation and technical exchange.

Both institutions are by the MoU expected to establish a bilateral forum for the reciprocal exchange and sharing of technical assistance between the authorities, to enhance capacity in the execution of their respective Central Bank functions.

They are also expected to cooperate and collaborate in the cross-border supervision of authorized institutions and exchange of cybersecurity information between them.

According to them, the institutions are to partner on licensing, supervision, resolution planning and implementation of resolution measures for cross-border financial establishments.