CBN deepens Asia financial ties, signs innovation MoU with Sing

…As Cardoso seeks stronger investment, payment, capital-market links

The Central Bank of Nigeria (CBN) has stepped up efforts to deepen Nigeria’s financial and investment links with Asia, as Governor Olayemi Cardoso held high-level engagements with Singapore’s financial authorities, investors and market institutions.

The engagements, held in Singapore en route to the IMF–World Bank Annual Meetings in Bangkok, included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and a Nigeria–Asia Financial Connectivity Dialogue convened by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.

The CBN said the engagements were designed to translate Nigeria’s ongoing financial-sector reforms into stronger international partnerships, deeper capital markets and practical channels for investment, trade and financial innovation.

During discussions with MAS, the Nigerian delegation exchanged views on financial-sector development, regulation, market connectivity and innovation, while exploring areas for continued institutional cooperation.

The CBN also signed an MoU with GFTN to establish a framework for collaboration on financial innovation between Nigeria and Singapore.

The agreement is expected to facilitate links between relevant institutions and innovation ecosystems in both countries, while creating opportunities for practical cooperation in financial technology and related areas.

At the Nigeria–Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria was seeking to build deeper, more liquid and internationally connected financial markets.

He said reforms undertaken in recent years, particularly in the foreign-exchange market, were aimed at removing distortions, improving transparency and restoring confidence in the rules governing market participation.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso said.

The Governor said credible monetary policy, stronger governance, improved market functioning and predictable rules would be critical to attracting sustained domestic and international investment.

According to him, stabilisation of the financial system should not be regarded as an end in itself, but as a foundation for broader participation by long-term institutional investors, stronger market infrastructure and closer integration with international financial markets.

The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.

The panel, moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, featured Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.

The discussions focused on Nigeria’s reform trajectory, including capital formation, foreign-exchange market confidence, the development of deeper and more liquid markets, and the infrastructure required to sustain international participation.

Cardoso said Nigeria’s engagement with Asia was not limited to attracting investment flows, stressing the need to build durable relationships among financial institutions, markets, businesses and people.

He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payment and settlement channels, and greater participation by Nigerians living and working across the region.

The Governor also pointed to the expanding role of financial technology and artificial intelligence in improving financial services, strengthening risk management, promoting financial inclusion and enhancing regulatory capabilities.

The Singapore engagements form part of the CBN’s broader institutional and market engagement across Asia, with further meetings scheduled in Beijing.