Cardoso Holds Talks with Singapore’s MAS, CBN Signs Innovation Deal with GFTN

The Central Bank of Nigeria (CBN) has stepped up efforts to deepen Nigeria’s financial and investment relationships with Asia following a series of high-level engagements in Singapore led by its governor, Olayemi Cardoso.

The engagements included talks with Singapore’s Monetary Authority (MAS), an innovation-focused Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria–Asia Financial Connectivity Dialogue.

The dialogue was convened by the CBN alongside J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.

The apex bank said the engagements underscored its focus on “translating Nigeria’s financial-sector reforms into stronger international partnerships, deeper markets and practical channels for investment, trade and financial innovation.”

At the meeting with MAS, both delegations discussed financial-sector growth, regulatory frameworks, market connectivity and innovation. The discussions also identified areas where the institutions could continue engaging and potentially work together.

The CBN and GFTN subsequently signed an MoU to create a framework for cooperation in financial innovation. The agreement is intended to connect relevant institutions and innovation ecosystems while identifying practical areas for joint efforts.

Addressing participants at the Nigeria–Asia Financial Connectivity Dialogue, Cardoso outlined Nigeria’s goal of developing “deeper, more liquid and internationally connected financial markets,” describing recent reforms as a platform for further market expansion.

On foreign-exchange policy, the CBN governor said the reforms were introduced to remove distortions, promote transparency and restore confidence in the rules governing participation in the market.

“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,” he stated.

Cardoso maintained that attracting and retaining investment required “credible monetary policy, stronger governance, improved market functioning and predictable rules.”

According to him, stabilisation should serve as the basis for broader participation by long-term institutional investors, improved market infrastructure and stronger integration with international financial markets, rather than being treated as an end goal.

He also said Nigeria’s relationship with Asia should not be limited to securing investment inflows but should focus on building “durable relationships between financial institutions, markets, businesses and people.”

Cardoso pointed to opportunities for closer cooperation between Nigerian and Asian banks, more efficient payment and settlement systems, and increased participation by Nigerians throughout the region.

Africans Angle News