The Central Bank of Nigeria (CBN) and the Banco Central do Brasil are moving to deepen financial and economic cooperation following high-level talks between CBN Governor, Olayemi Cardoso, and his Brazilian counterpart, Gabriel Muricca Galípolo.
The engagement, held during President Bola Ahmed Tinubu’s state visit to Brazil, was part of a broader working mission by the CBN delegation. Alongside the governor’s discussions, senior directors from the Nigerian apex bank held technical sessions with their Brazilian counterparts on issues such as monetary policy, financial stability, and regulatory collaboration.
Cardoso stressed the importance of building stronger institutional linkages and exchanging expertise in key areas such as payment systems, fintech, and mobile money.
“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 said.
Drawing parallels between the two countries, Cardoso added:
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own.”
He also pointed to Brazil’s Afro-Brazilian community—the largest population of African descent outside the continent—as a unique cultural bridge with significant potential to expand remittance flows and deepen economic ties between both nations.
On his part, Galípolo welcomed the talks and reaffirmed Brazil’s commitment to closer collaboration, describing stronger ties as crucial for enhancing financial stability and advancing shared prosperity.
Cardoso was accompanied by CBN directors responsible for currency operations, financial policy regulation, and monetary policy, underscoring the strategic weight of the engagement.
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