Cardoso courts Asia as CBN pushes deeper, more liquid markets

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has stepped up Nigeria’s financial engagement with Asia through high-level meetings in Singapore focused on market development, institutional cooperation and financial innovation.

The engagements, held ahead of the IMF–World Bank Annual Meetings in Bangkok, included meetings 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.

The Dialogue was convened by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group, bringing together investors, financial institutions, businesses and Nigerians living and working across Asia.

CBN targets deeper financial markets

Speaking at the Dialogue, Cardoso said Nigeria’s recent financial-sector reforms were intended to create deeper, more liquid and internationally connected markets.

He said reforms to 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.

The governor said credible monetary policy, stronger governance, improved market functioning and predictable regulations would be critical to attracting long-term domestic and international capital.

He added that stabilising financial markets was only the foundation for broader institutional participation, stronger market infrastructure and greater integration with international markets.

The discussion, moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, featured the Group CEOs of NGX and FMDQ Group alongside senior CBN officials.

The panel examined Nigeria’s reform programme, capital formation, foreign exchange market confidence and the infrastructure needed to support greater international participation.

CBN signs innovation agreement with GFTN

The CBN also signed an MoU with GFTN to establish a framework for cooperation on financial innovation.

The agreement is expected to facilitate collaboration between relevant institutions and innovation ecosystems in Nigeria and Singapore, while providing a platform to explore practical opportunities in financial technology and emerging financial services.

Cardoso highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, promoting financial inclusion and enhancing regulatory capabilities.

Nigeria seeks stronger financial links with Asia

Cardoso said Nigeria’s engagement with Asia goes beyond attracting investment and is aimed at establishing lasting connections between financial institutions, businesses and markets.

• He identified opportunities to strengthen relationships between Nigerian and Asian banks, improve payment and settlement channels, and increase the participation of Nigerians living and working across Asia.
• The CBN’s discussions with MAS also covered financial-sector development, regulation, market connectivity and innovation, with both sides exploring areas for continued cooperation.

The Singapore engagements form part of a broader programme of institutional and financial-market engagement across Asia, with further meetings scheduled in Beijing.

The push comes as Nigeria seeks to translate its recent financial-sector reforms into stronger market infrastructure, increased investor participation and deeper connections with international capital markets.