CBN, Brazilian counterpart deepen cooperation 

By Emma Ujah, Abuja Bureau Chief  

The Nigeria Central Bank (CBN) and its Brazilian counterpart, Banco Central do Brasil, have agreed to deepen their economic and financial cooperation.

CBN Governor, Mr. Olayemi Cardoso,   has held talks with his Brazilian counterpart, Gabriel Muricca Galípolo, to that effect, the apex bank indicated in a statement in Abuja, over the weekend.  

The talks 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.  

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.”

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

He also noted that Brazil’s large Afro-Brazilian community, the biggest population of African descent outside Africa, provided not only cultural linkages but also significant potential to expand remittance flows between the two countries.

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

Galípolo expressed Brazil’s interest in broadening collaboration with Nigeria, describing closer ties as beneficial to supporting financial stability and shared prosperity.

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