2 weeks ago
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In a determination to bolster determination collaboration and deepen fiscal integration crossed Africa, the Central Bank of Nigeria (CBN) and the Bank of Angola person signed a Memorandum of Understanding (MoU) connected fiscal and method cooperation.
The signing of the MoU by some countries held connected the sidelines of the ongoing 2025 International Monetary Fund (IMF)/ World Bank yearly meetings successful Washington DC is expected to heighten bilateral engagement successful monetary and fiscal regulation.
Speaking astatine the signing of the method practice agreement, CBN politician , Olayemi Cardoso said, “this is thing that has been agelong successful the making, and I’m precise pleased that we person been capable to execute the statement today. It couldn’t person travel astatine a amended clip oregon successful a amended place. I judge that what we person done contiguous genuinely reflects the tone successful which we be the yearly and outpouring meetings each year.
“I’m besides peculiarly pleased due to the fact that this is precisely what Africa needs. We request much cooperation. We look akin challenges, and this statement provides an accidental to strengthen, and successful immoderate cases, build, determination knowing and collaboration. I americium very, precise pleased, and I judge that this marks a important milestone for some organizations and for some countries.’
Giving details of the MOU, Deputy Governor, Economic Policy, Central Bank of Nigeria, Mohammed Abdullai, described the statement arsenic “a captious improvement betwixt our 2 institutions” aimed astatine broadening communal enactment successful cardinal areas of cardinal banking operations.
He outlined the objectives of the MoU to see the constitution of a bilateral forum for method exchange, practice successful cross-border supervision, accusation sharing connected cybersecurity, and capableness gathering successful fiscal assemblage oversight.
“This statement volition make a structured level for reciprocal method assistance and guarantee transparency successful the speech of accusation betwixt our 2 institutions,” Abdullai said. “It besides provides a wide model for licensing, supervision, and solution readying for cross-border fiscal establishments.”
According to him, some institutions volition collaborate successful respective method areas, including overseas reserves management, fiscal markets operations, economical research, and statistics. Other focal points see outgo systems oversight, fiscal assemblage development, anti-money laundering and combating the financing of coercion (AML/CFT), arsenic good arsenic unit grooming and cognition exchange.
He expressed optimism that the implementation of the MoU would output mutually beneficial outcomes for some countries and lend to the wide stableness of Africa’s fiscal ecosystem.
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