CBN Engages Singapore’s MAS, Signs Innovation MoU With GFTN
*Convenes Nigeria–Asia Financial Connectivity Dialogue
En route to the IMF–World Bank Annual Meetings in Bangkok, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has undertaken a series of high-level engagements in Singapore to strengthen Nigeria’s financial connectivity with Asia through institutional cooperation, financial-market development, and innovation.
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.
Together, the engagements reflect the CBN’s emphasis on translating Nigeria’s financial-sector reforms into stronger international partnerships, deeper markets and practical channels for investment, trade and financial innovation.
In discussions with MAS, the CBN delegation exchanged perspectives on financial-sector development, regulation, market connectivity and innovation, identifying areas of mutual interest for continued engagement and potential collaboration.
The discussions provided an opportunity to draw on both financial systems’ experiences and explore how stronger institutional relationships could support financial-market development and emerging technologies.
In a further step towards practical cooperation, the CBN and GFTN signed an MoU establishing a framework for collaboration on financial innovation.
The agreement provides a basis for connecting relevant institutions and innovation ecosystems, exploring areas of mutual interest and identifying practical opportunities for cooperation between Nigeria and Singapore.
At the Nigeria–Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices and anchored by Mr Dapo Olagunji, Managing Director of J.P. Morgan West Africa, Governor Cardoso outlined Nigeria’s ambition to build deeper, more liquid and internationally connected financial markets, positioning the reforms undertaken in recent years as the foundation for a new phase of market development.
He emphasised that reforms to Nigeria’s foreign-exchange market were aimed at removing distortions, restoring transparency and strengthening 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 highlighted the importance of credible monetary policy, stronger governance, improved market functioning and predictable rules in creating the conditions for sustained domestic and international investment.
He noted 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.
The Dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
The event featured a panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, with Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO 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 discussion explored Nigeria’s reform trajectory, from capital formation and foreign-exchange market confidence to the development of deeper, more liquid markets and the infrastructure needed to support sustained international participation.
Cardoso emphasised that Nigeria’s engagement with Asia is intended to extend beyond attracting investment flows to building durable relationships between financial institutions, markets, businesses and people.
He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payments and settlement channels, and greater participation by Nigerians living and working across the region.
The Governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, supporting inclusion and enhancing regulatory capabilities.
The Singapore engagements form part of a broader programme of institutional and market engagement across Asia, including further meetings in Beijing.
