Nigeria’s Central Bank and its Brazilian counterpart have agreed to work together to strengthen financial cooperation and deepen economic ties between the two countries.
The agreement was reached during a bilateral meeting between the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and his Brazilian counterpart, Gabriel Muricca Galípolo, during President Bola Ahmed Tinubu’s state visit to Brazil.
The engagement, which formed part of a broader working visit by the CBN team to the Banco Central do Brasil, was also in addition to Cardoso-led delegation’s high-level discussions during a series of technical meetings with their Brazilian counterparts covering monetary policy, financial stability, and regulatory cooperation.
During the discussions, Cardoso highlighted the importance of deepening institutional ties and knowledge-sharing between the two central banks, pointing to existing opportunities in payments systems, fintech, and mobile money the two apex financial sectors regulators could explore for their mutual benefits.
“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 told his audience.
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” Cardoso added.
Also, he noted that Brazil’s large Afro-Brazilian community, reputed to be the biggest population of African descent outside Africa, provides not only cultural linkages, but also significant potential to expand remittance flows between the two countries.
On his part, Galípolo welcomed the talks and reiterated Brazil’s interest in broadening collaboration, describing closer ties with Nigeria as beneficial to supporting financial stability and shared prosperity of the two countries.
Cardoso was accompanied during the discussions by CBN directors overseeing currency operations, financial policy regulation, and monetary policy.
