Nigeria, Brazil central banks strengthen cooperation

The Central Bank of Nigeria (CBN) and the Banco Central do Brasil have formalized an agreement to enhance their economic and financial cooperation following a high-level meeting between their governors in Brasília.

CBN Governor Olayemi Cardoso engaged in discussions with his Brazilian counterpart, Gabriel Muricca Galípolo, during President Bola Ahmed Tinubu’s state visit to Brazil.

According to a statement issued by the apex bank over the weekend, the discussions concentrated on several areas of mutual concern, including monetary policy, financial stability, and regulatory cooperation. Governor Cardoso was accompanied by CBN directors responsible for currency operations, financial policy regulation, and monetary policy.

The CBN Governor indicated that this engagement highlights Nigeria’s commitment to establishing a robust financial system that is capable of attracting capital, leveraging diaspora remittances, and fostering a stable environment conducive to trade and investment.

“Nigeria is building a more resilient financial system to attract capital, harness diaspora remittances, and create a stable environment where trade and investment can thrive,” Cardoso said.

He added that Brazil’s experience in financial inclusion offers valuable lessons, while Nigeria’s vibrant fintech sector also provides useful insights.

Cardoso further noted that Brazil’s large Afro-Brazilian community, the biggest population of African descent outside Africa, presents cultural linkages and potential to boost remittance flows.

On his part, Galípolo welcomed the talks, stressing that closer institutional collaboration would support financial stability and shared prosperity for both countries.