By Stella Odueme
The Central Bank of Nigeria (CBN) has strengthened its financial ties with Singapore through high-level engagements with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and a Nigeria–Asia Financial Connectivity Dialogue.
The engagements, led by CBN Governor, Mr Olayemi Cardoso, were held in Singapore en route to the IMF–World Bank Annual Meetings in Bangkok, Thailand, as part of efforts to deepen Nigeria’s financial connectivity with Asian markets.
According to the CBN, the engagements are designed to translate Nigeria’s financial-sector reforms into stronger international partnerships, deeper financial markets and practical opportunities for investment, trade and innovation.
During discussions with MAS, the Nigerian delegation exchanged views on financial-sector development, regulation, market connectivity and innovation, while exploring areas of mutual interest and potential collaboration between the two financial institutions.
The meeting also provided an opportunity for both sides to share experiences and consider how stronger institutional relationships could support financial-market development and the adoption of emerging technologies.
In a related development, the CBN and GFTN signed an MoU to establish a framework for cooperation in financial innovation.
The agreement is expected to facilitate connections between relevant institutions and innovation ecosystems in Nigeria and Singapore, while creating opportunities to explore shared interests and develop practical areas of collaboration.
At the Nigeria–Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets.
The event was anchored by Mr Dapo Olagunji, Managing Director of J.P. Morgan West Africa, and brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
Cardoso said the reforms implemented in Nigeria in recent years were laying the foundation for a new phase of financial-market development.
He explained that the foreign-exchange market reforms were aimed at eliminating distortions, restoring transparency and rebuilding 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,” the CBN governor said.
He stressed that credible monetary policy, improved governance, effective market operations and predictable regulations were essential to attracting sustained domestic and international investments.
According to him, economic stabilisation should serve as a foundation for broader participation by long-term institutional investors, stronger market infrastructure and more effective integration with international financial markets.
The dialogue featured a panel discussion moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa.
Other participants included Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group); Zeal Akaraiwe, Group Managing Director and 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.
The panel examined Nigeria’s reform trajectory, focusing on capital formation, confidence in the foreign-exchange market, the development of deeper and more liquid financial markets, and the infrastructure required to sustain international investor participation.
Cardoso further stated that Nigeria’s engagement with Asia extended beyond attracting investment flows to establishing lasting relationships among financial institutions, markets, businesses and people.
He identified opportunities to strengthen cooperation between Nigerian and Asian banks and market institutions, improve payment and settlement channels, and encourage greater participation by Nigerians residing and working across the region.
The governor also highlighted the increasing 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 the CBN’s broader programme of institutional and financial-market consultations across Asia, with further meetings scheduled in Beijing, China.