Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), has engaged in high-level talks with his Brazilian counterpart, Gabriel Muricca Galípolo, to strengthen economic and financial cooperation between the two countries.
The discussions took place during President Bola Tinubu’s state visit to Brazil and formed part of a broader working visit by the Central Bank of Nigeria (CBN) delegation to the Banco Central do Brasil, according to a statement released by the CBN on Saturday.
The visit included a series of technical meetings covering key areas such as monetary policy, financial stability, regulatory cooperation, and digital payments innovation.
Both central banks are exploring opportunities to enhance collaboration on fintech, mobile money, and payments systems, reflecting the growing importance of technology-driven financial services in their respective markets.
Speaking on the occasion, Governor Cardoso stressed the importance of building a resilient financial system in Nigeria. “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.
He further highlighted the significance of Brazil’s progress in financial inclusion, noting the valuable lessons that Nigeria could learn from Brazil’s experience.
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” Cardoso added, emphasising the potential for mutual learning between the two countries.
He recognised the large Afro-Brazilian community in Brazil, which is the largest population of African descent outside Africa. This community not only strengthens cultural ties but also presents an opportunity to expand remittance flows between the two nations, which are crucial sources of foreign exchange for Nigeria.
Galípolo, Brazil’s central bank governor, welcomed the talks and expressed Brazil’s interest in broadening the scope of cooperation. He described the partnership as a strategic move to enhance financial stability and foster shared prosperity.
The CBN delegation comprised directors responsible for currency operations, financial policy regulation, and monetary policy. Their presence underscores Nigeria’s commitment to deepening institutional collaboration and aligning its financial sector reforms with global best practices.
The talks come amid a broader push by Nigeria’s government and financial authorities to modernise the country’s financial infrastructure, encourage innovation, and strengthen international partnerships that can drive economic growth.
It is hoped that enhanced cooperation between Nigeria and Brazil’s central banks could accelerate financial integration, improve regulatory frameworks, and open new channels for trade and investment.
