The Central Bank of Nigeria (CBN) has intensified efforts to deepen Nigeria’s financial integration with Asia, with Governor Olayemi Cardoso holding high-level engagements in Singapore on financial-market development, innovation and cross-border connectivity.
The engagements, held ahead of the IMF-World Bank Annual Meetings in Bangkok, included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and a Nigeria–Asia Financial Connectivity Dialogue.
The CBN said the engagements were aimed at translating Nigeria’s ongoing financial-sector reforms into stronger international partnerships, deeper and more liquid markets, and practical channels for investment, trade and financial innovation.
During talks with MAS, the Nigerian delegation exchanged views on financial-sector development, regulation, market connectivity and innovation, while exploring areas for continued institutional cooperation between both countries.
The CBN said the discussions also provided an opportunity for both financial systems to share experiences and examine how stronger institutional relationships could support financial-market development and the adoption of emerging technologies.
In a related development, the CBN and GFTN signed an MoU to establish a framework for cooperation in financial innovation.
The agreement is expected to facilitate collaboration between relevant institutions and innovation ecosystems in Nigeria and Singapore, while creating opportunities to explore common areas of interest and practical initiatives.
At the Nigeria–Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso outlined Nigeria’s ambition to build deeper, more liquid and internationally connected financial markets.
The Governor said recent reforms, particularly in the foreign-exchange market, were designed to remove distortions, improve transparency and strengthen confidence in the rules governing market participation.
“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,” Cardoso said.
He stressed that credible monetary policy, stronger governance, improved market functioning and predictable rules were critical to attracting and retaining both domestic and international investment.
According to him, stabilising the financial system was not an end in itself but a foundation for broader participation by long-term institutional investors, stronger market infrastructure and closer links with international financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
A panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, examined Nigeria’s reform trajectory, including capital formation, foreign-exchange market confidence, market liquidity and the infrastructure required to sustain international participation.
Panelists included Temi Popoola, Group Managing Director/CEO of Nigerian Exchange Group (NGX); Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.
Cardoso said Nigeria’s engagement with Asia was intended to go beyond attracting investment flows to building durable relationships among financial institutions, markets, businesses and Nigerians across the region.
He identified opportunities for stronger linkages between Nigerian and Asian banks and market institutions, more efficient payment and settlement channels, and increased participation by Nigerians living and working in Asia.
The Governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, expanding financial inclusion and enhancing regulatory capacity.
The Singapore engagements form part of the CBN’s broader institutional and market outreach across Asia, with further engagements scheduled in Beijing.
