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The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have opened fresh discussions aimed at deepening economic and financial cooperation between Africa’s largest economy and Latin America’s biggest market.

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CBN Governor, Olayemi Cardoso, highlighted the unique ties that could drive this collaboration, noting that Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—presents not only strong cultural linkages but also significant potential to enhance remittance flows between Nigeria and Brazil.

Speaking during a meeting with his Brazilian counterpart, Gabriel Muricca Galípolo, on the sidelines of President Bola Ahmed Tinubu’s state visit to Brazil, Cardoso explained that the engagement formed part of a broader working mission by the Nigerian delegation to strengthen institutional and technical ties with the South American nation

According to him, both countries have much to gain from collaboration in critical areas such as payments systems, fintech innovation, 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,” Cardoso stated.

He further stressed the importance of mutual learning between the two nations. “Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” he added.

Welcoming the initiative, Brazil’s Central Bank Governor, Gabriel Muricca Galípolo, expressed optimism about the collaboration. “Brazil is keen to broaden financial cooperation with Nigeria. This engagement is critical to promoting financial stability and mutual prosperity,” Galípolo said.

Beyond the high-level talks, the Nigerian delegation also held a series of technical sessions with Brazilian officials on monetary policy, financial stability, and regulatory cooperation.

Cardoso was accompanied on the visit by senior directors overseeing currency operations, financial policy regulation, and monetary policy at the CBN.

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