Nigeria, Brazil central banks deepen cooperation on economic stability

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has held talks with his Brazilian counterpart, Gabriel Muricca Galípolo, to strengthen economic and financial cooperation between the two countries.

The engagement, which occurred during President Bol Tinubu’s state visit to Brazil, formed part of a broader working visit by the CBN team to the Banco Central do Brasil.

The delegation also held a series of technical meetings with their Brazilian counterparts, covering monetary policy, financial stability, and regulatory cooperation.

Cardoso, according to a statement issued by the CBN on Sunday, August 31, 2025, 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.

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Cardoso stated: “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.

“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own.”

The CBN boss 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.

The Star