CBN, Banco Central Do Brasil To Deepen Ties, Knowledge Sharing
NIGERIA’S Central Bank and its Brazilian counterpart, Banco Central do Brasil, have agreed on deepening institutional ties and knowledge-sharing between the two central banks.
The understanding was reached recently when Nigeria’s Central Bank Governor, Olayemi Cardoso, held talks with his Brazilian counterpart, Gabriel Muricca Galípolo, with the two resolving to strengthen economic and financial cooperation between the two countries.
The engagement took place during President Bola Ahmed Tinubu’s recent state visit to Brazil.
The CBN engagement with the Brazilian counterpart formed part of a broader working visit by the Central Bank of Nigeria (CBN) team to the Banco Central do Brasil.
A statement issued by CBN on the engagement quoted Cardoso saying: “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.
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,”.
He also noted that Brazil’s large Afro-Brazilian community, 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.
Cardoso highlighted the importance of deepening institutional ties and knowledge-sharing between the two central banks, pointing to opportunities in payments 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.
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” Cardoso added.
He also noted that Brazil’s large Afro-Brazilian community, 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.
Galípolo welcomed the talks and reiterated Brazil’s interest in broadening collaboration, describing closer ties as beneficial to supporting financial stability and shared prosperity.
Cardoso was accompanied by CBN directors overseeing currency operations, financial policy regulation, and monetary policy.
