The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has held high-level talks in Singapore to strengthen Nigeria’s financial links with Asia through institutional cooperation, market development and innovation.
The visit 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. The CBN organised the dialogue with J.P. Morgan, the Nigerian Exchange Group (NGX) and FMDQ Group.
The apex bank said the engagements reflected its drive to turn the country’s financial-sector reforms into “stronger international partnerships, deeper markets and practical channels for investment, trade and financial innovation.”
In its talks with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and innovation. Both sides identified areas for further engagement and possible collaboration.
Under the MoU with GFTN, the two parties set up a framework for cooperation on financial innovation. The agreement provides a basis for connecting relevant institutions and innovation ecosystems, and for identifying practical areas of partnership.
Speaking at the dialogue, Cardoso said Nigeria aims to build “deeper, more liquid and internationally connected financial markets,” adding that recent reforms form the foundation for a new phase of market growth.
He said the foreign-exchange reforms were designed to remove distortions, restore 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.
According to the CBN governor, credible monetary policy, stronger governance, improved market functioning and predictable rules are critical to sustaining investment.
He added that stabilisation was “not an end in itself, but a foundation for broader participation by long-term institutional capital, stronger market infrastructure and more effective connections with international financial markets.”
Cardoso said Nigeria’s engagement with Asia would go beyond attracting investment flows to building “durable relationships between financial institutions, markets, businesses and people.”
He also pointed to opportunities for closer ties between Nigerian and Asian banks, more efficient payment and settlement channels, and wider participation by Nigerians across the region.
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