The Central Bank of Nigeria (CBN) is strengthening financial ties with Asian institutions and investors as it seeks to build deeper, more liquid and internationally connected markets.
CBN Governor Olayemi Cardoso made this clear during high-level engagements in Singapore, where he met with the Monetary Authority of Singapore (MAS), signed a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN) and participated in the Nigeria–Asia Financial Connectivity Dialogue.
The dialogue, convened by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group, brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
Cardoso said Nigeria’s ongoing financial-sector reforms were designed to improve market depth and liquidity while strengthening the country’s connection to international capital.
According to him, reforms in the foreign exchange market were aimed at eliminating distortions, improving transparency and restoring 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 identified credible monetary policy, stronger governance, improved market functioning and predictable regulation as critical to attracting sustainable domestic and foreign investment.
The governor said financial-market stability should serve as a foundation for stronger institutional participation, improved market infrastructure and deeper integration with global markets.
Discussions at the Nigeria–Asia dialogue focused on the country’s reform programme, capital formation, foreign exchange-market confidence and the infrastructure required to increase international participation.
CBN, GFTN sign fintech cooperation pact
The CBN also entered into an MoU with GFTN to create a framework for cooperation on financial innovation between institutions and innovation ecosystems in Nigeria and Singapore.
The partnership is expected to support collaboration in financial technology and emerging financial services.
Cardoso said fintech and artificial intelligence could play a growing role in improving financial services, strengthening risk management, expanding financial inclusion and enhancing regulatory capacity.
Nigeria targets stronger Asia financial links
Beyond attracting investment, Cardoso said Nigeria wanted to establish lasting connections between its financial institutions, businesses and Asian markets.
He pointed to opportunities for stronger relationships between Nigerian and Asian banks, improved payment and settlement channels, and greater participation by Nigerians living and working across Asia.
The CBN’s discussions with MAS also covered financial-sector development, regulation, market connectivity and innovation.
The Singapore engagements are part of a wider programme of financial and institutional outreach across Asia, with further meetings scheduled in Beijing.
The initiative comes as the CBN seeks to translate recent reforms into stronger financial-market infrastructure, wider investor participation and deeper links with international capital markets.
