CBN, Bank of Angola Sign Pact to Boost Bilateral Financial Cooperation

The Central Bank of Nigeria (CBN) and the National Bank of Angola have entered into a strategic agreement aimed at strengthening bilateral financial cooperation and fostering closer economic ties between the two African nations. The landmark pact, signed this week in Luanda, underscores both countries’ commitment to enhancing collaboration in monetary policy, banking supervision, payment systems, and financial stability.

According to a statement from the CBN, the memorandum of understanding (MoU) seeks to facilitate knowledge sharing and technical cooperation between the Nigerian and Angolan financial systems. The agreement is expected to open new pathways for trade and investment flows, support cross-border transactions, and promote regional economic integration in line with the African Continental Free Trade Area (AfCFTA) objectives.

CBN Governor, Dr. Olayemi Cardoso, who signed the pact on behalf of Nigeria, said the partnership marks a significant step toward deepening Africa-led financial cooperation and reducing dependency on external financial systems. He explained that both countries share common economic challenges and opportunities, and that the agreement will help in developing a more resilient and interconnected African financial landscape.

“This MoU represents a shared vision between Nigeria and Angola to strengthen our financial systems, improve efficiency, and promote innovation within our respective banking sectors. It will also facilitate cooperation in areas such as financial regulation, fintech development, and anti-money laundering measures,” Cardoso said.

His Angolan counterpart, Governor José de Lima Massano, lauded the collaboration, emphasizing that it would create room for mutual support and regional development. He noted that both central banks recognize the importance of financial stability and inclusion in driving economic growth across Africa.

“We are delighted to formalize this cooperation with the Central Bank of Nigeria. This partnership will enhance our joint capabilities in managing financial risks, promoting transparency, and facilitating investments that benefit both nations,” Massano stated.

Under the new framework, both institutions will establish working groups to exchange data, conduct joint research, and share best practices in areas such as monetary policy management, exchange rate stability, and digital banking innovations. The agreement will also allow for staff training programs and regular consultations to address emerging economic challenges in the region.

Analysts believe the CBN-Angola pact will not only foster stronger economic relations between the two major oil-producing nations but also improve the efficiency of financial transactions and investments within West and Southern Africa. Nigeria and Angola, as two of Africa’s largest economies, are strategically positioned to drive regional growth and integration.

Economic experts say the partnership could boost trade settlement in local currencies, reducing the dominance of the US dollar in cross-border payments and supporting the broader agenda of financial sovereignty for African economies. This aligns with ongoing efforts by the African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) to promote intra-African trade using local currencies.

The collaboration also comes at a time when both countries are working to diversify their economies away from oil dependency. Nigeria has been pursuing reforms aimed at stabilizing the foreign exchange market, curbing inflation, and promoting investment in non-oil sectors such as agriculture, manufacturing, and digital technology. Similarly, Angola has been implementing financial reforms to strengthen its banking system and attract foreign investment.

By joining forces, the CBN and the National Bank of Angola are expected to coordinate efforts that will help their respective economies navigate global economic challenges, such as fluctuating oil prices, exchange rate volatility, and the impacts of monetary tightening in advanced economies.

Financial analysts have hailed the agreement as a timely move, especially as African countries seek greater economic independence and resilience amid global uncertainties. According to Dr. Aisha Mohammed, an economist at the African Development Policy Centre, “This partnership signifies a bold step toward regional financial integration. It could set a precedent for other African central banks to pursue similar bilateral and multilateral arrangements.”

The pact also highlights the growing importance of inter-African cooperation in financial regulation and innovation, particularly in areas such as digital currencies, cybersecurity, and sustainable finance. With the increasing adoption of fintech solutions across Africa, regulators are under pressure to harmonize policies that can support innovation while maintaining financial stability.

Both central banks affirmed their commitment to implementing the agreement effectively and ensuring that it translates into measurable outcomes for their economies. The CBN noted that the collaboration would contribute to Nigeria’s goal of becoming a regional financial hub and would complement its ongoing financial reforms aimed at boosting investor confidence and fostering inclusive growth.

The partnership between the CBN and the Bank of Angola represents more than just a formal agreement—it is a statement of intent for deeper economic cooperation across the continent. As implementation begins, observers expect to see tangible progress in trade facilitation, financial regulation, and currency cooperation that could redefine Africa’s financial future.

With this accord, Nigeria and Angola are positioning themselves as leaders in building a robust and self-sustaining African financial ecosystem—one that can support growth, innovation, and stability across the continent.