Nigeria, Brazil to Deepen Financial Ties, Boost Remittances
By Patience Ikpeme
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has revealed that Brazil’s vast Afro-Brazilian community presents a significant opportunity to expand remittance flows between Nigeria and Brazil.
This was disclosed during discussions with his Brazilian counterpart, Gabriel Muricca Galípolo, in a meeting aimed at strengthening economic and financial cooperation between the two countries.
The talks, which took place during President Bola Ahmed Tinubu’s state visit to Brazil, were part of a larger working visit by the CBN team to the Banco Central do Brasil.
Mr. Cardoso stressed the importance of fostering stronger institutional relationships and sharing knowledge between the two central banks, citing potential for collaboration in areas like 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,” Mr. Cardoso was quoted as saying. He added that while “Brazil’s experience in financial inclusion offers important lessons,” Nigeria’s burgeoning fintech sector also has valuable insights to contribute.
In response, Mr. Galípolo welcomed the discussions, stating that closer ties would be beneficial for supporting financial stability and shared prosperity.
The CBN delegation, which included directors overseeing currency operations, financial policy regulation, and monetary policy, also participated in a series of technical meetings.
These sessions covered critical areas such as monetary policy, financial stability, and regulatory cooperation, aiming to lay the groundwork for a more formal and structured partnership.
