By Babajide Komolafe
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has undertaken high-level engagements in Singapore aimed at strengthening 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.
The CBN said the engagements reflected its 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 for continued engagement and potential collaboration.
The CBN and GFTN also signed an MoU “establishing a framework for collaboration on financial innovation,” providing a basis for “connecting relevant institutions and innovation ecosystems” and identifying practical opportunities for cooperation.
At the Nigeria–Asia Financial Connectivity Dialogue, Cardoso outlined Nigeria’s ambition to build “deeper, more liquid and internationally connected financial markets,” positioning recent reforms as the foundation for a new phase of market development.
He said foreign-exchange reforms 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.
Cardoso said “credible monetary policy, stronger governance, improved market functioning and predictable rules” were critical for sustained 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 Governor 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 identified opportunities for stronger links between Nigerian and Asian banks, more efficient payment and settlement channels, and greater participation by Nigerians across the region.
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