The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has undertaken high-level talks in Singapore to strengthen Nigeria’s financial connectivity with Asia, through institutional cooperation, financial-market development, and innovation.
Key Highlights
- Cardoso held discussions with the Monetary Authority of Singapore on regulation, market connectivity and innovation.
- The CBN signed an agreement with the Global Finance & Technology Network (GFTN) on a framework for collaboration on financial innovation.
- Cardoso spoke at the Nigeria–Asia Financial Connectivity Dialogue, convened with J.P. Morgan, NGX Group and FMDQ Group.
- He said FX market reforms aimed to remove distortions, restore transparency and strengthen confidence.
- The Singapore engagements are part of a wider Asia programme, including further meetings in Beijing.
While in Singapore, Cardoso held discussions with the Monetary Authority of Singapore, signed an agreement with the Global Finance & Technology Network (GFTN), and took part in 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 governor, who was en route to Bangkok to attend the International Monetary Fund (IMF) – World Bank annual meetings, said 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.
Talks With Monetary Authority Of Singapore, GFTN Agreement
In discussions with the Monetary Authority of Singapore, 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.
Also, in a further step towards practical cooperation, the CBN and GFTN signed an agreement on 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.
Nigeria–Asia Financial Connectivity Dialogue
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, 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 apex bank 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 is 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 of NGX Group; Zeal Akaraiwe, group managing director of FMDQ Group; Aderinola Shonekan, director of trade and exchange at the CBN; and Olumayokun Ajibade, special adviser to Cardoso 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.
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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 CBN 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.
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