Nigeria: CBN, Banco Central do Brasil strengthen financial cooperation

The Central Bank of Nigeria (CBN) and Banco Central do Brasil have agreed to expand collaboration in economic and financial matters, in a move aimed at strengthening bilateral ties and promoting shared prosperity.

According to a statement issued in Abuja over the weekend, CBN Governor, Olayemi Cardoso, met with his Brazilian counterpart, Gabriel Muricca Galípolo, during President Bola Tinubu’s recent state visit to Brazil. The discussions also formed part of a broader technical engagement between both central banks.

Cardoso emphasized the importance of closer institutional partnerships and knowledge exchange, particularly in payments systems, fintech innovation, and mobile money adoption.

“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,” he stated, noting that Brazil’s financial inclusion model offers lessons that Nigeria can adapt, while Nigeria’s vibrant fintech sector also provides valuable insights.

The CBN governor further highlighted the potential of Brazil’s Afro-Brazilian population—the largest African diaspora community outside the continent—as a driver of cultural and economic linkages, especially in boosting remittance flows.

Beyond the governors’ high-level talks, both delegations held technical sessions focused on monetary policy, financial stability, and regulatory cooperation.

Galípolo welcomed the opportunity to broaden collaboration with Nigeria, stressing that stronger ties between the two central banks would contribute to financial stability and mutual economic growth.