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CBN Governor Olayemi Cardoso held high-level engagements in Singapore with the Monetary Authority of Singapore and financial-market stakeholders.
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The CBN signed an MoU with the Global Finance & Technology Network to strengthen cooperation on financial innovation.
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Cardoso told investors and financial institutions that Nigeria’s reforms are aimed at building deeper, more liquid and internationally connected financial markets.
October 08, (THEWILL) – The Central Bank of Nigeria (CBN) has stepped up efforts to deepen Nigeria’s financial and investment links with Asia through engagements with Singapore’s financial authorities, innovation institutions, investors and market operators.
The CBN Governor, Olayemi Cardoso, undertook a series of high-level engagements in Singapore while en route to the IMF-World Bank Annual Meetings in Bangkok.
The engagements 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 the Nigeria–Asia Financial Connectivity Dialogue convened by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The activities were focused on strengthening institutional cooperation, financial-market development, investment connectivity and innovation between Nigeria and Asian markets.
CBN, GFTN establish innovation framework
During discussions with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and innovation.
The engagements provided an opportunity for both institutions to share experiences and identify areas of mutual interest for continued cooperation, particularly around financial-market development and emerging technologies.
The CBN subsequently signed an MoU with GFTN to establish a framework for collaboration on financial innovation.
The agreement provides a basis for connecting relevant institutions and innovation ecosystems in Nigeria and Singapore, exploring areas of mutual interest and identifying practical opportunities for cooperation.
The central bank said the engagements reflected its broader effort to translate Nigeria’s financial-sector reforms into stronger international partnerships and practical channels for investment, trade and financial innovation.
At the Nigeria–Asia Financial Connectivity Dialogue, held at J.P. Morgan’s Singapore offices, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets.
The dialogue was anchored by Dapo Olagunji, Managing Director of J.P. Morgan West Africa, and brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
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Cardoso highlights reform, market confidence
Cardoso said reforms to Nigeria’s foreign-exchange market were designed to address 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,” he said.
The governor stressed the importance of credible monetary policy, stronger governance, improved market functioning and predictable rules in creating conditions for sustained domestic and international investment.
He said stabilisation should not be regarded as an end in itself but as a foundation for greater participation by long-term institutional investors, stronger market infrastructure and improved connections with international financial markets.
The dialogue featured a panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa.
The panel included Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group; Zeal Akaraiwe, Group Managing Director/Chief Executive Officer 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.
Discussions focused on Nigeria’s reform trajectory, capital formation, foreign-exchange market confidence, the development of deeper and more liquid markets, and the infrastructure required to support sustained international participation.
Cardoso said Nigeria’s engagement with Asia was intended to go beyond attracting investment flows, with the CBN seeking to build longer-term relationships among financial institutions, markets, businesses and Nigerians across the region.
He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payment and settlement channels, and greater participation by Nigerians living and working across Asia.
The governor also highlighted the role of financial technology and artificial intelligence in improving financial services, strengthening risk management, expanding financial inclusion and enhancing regulatory capabilities.
The Singapore engagements form part of a broader programme of institutional and market engagement across Asia, with the CBN scheduled to continue its engagements in Beijing.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
