Nigeria, Brazil Central Banks Deepen Cooperation

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and Gabriel Muricca Galípolo, his Brazilian counterpart, have engaged in discussions aimed at strengthening economic and financial collaboration between their nations.

The engagement, which took place during President Bola Tinubu’s state visit to Brazil, formed part of a broader working visit by the Central Bank of Nigeria (CBN) team to the Banco Central do Brasil. 

In addition to the Governor’s high-level discussions, the delegation also held a series of technical meetings with their Brazilian counterparts, covering monetary policy, financial stability, and regulatory cooperation.

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.

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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.

Governor Cardoso was accompanied to the meeting by Directors of the apex bank overseeing currency operations, financial policy regulation, and monetary policy.