The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during discussions with the Monetary Authority of Singapore (MAS) on financial-sector development, held at J.P. Morgan’s Singapore offices
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has concluded a series of high-level engagements in Singapore aimed at strengthening Nigeria’s financial ties with Asian markets.
The engagements included discussions with the Monetary Authority of Singapore (MAS) on financial-sector development, regulation, market connectivity and innovation.
Cardoso also signed a Memorandum of Understanding with the Global Finance & Technology Network (GFTN) to establish a framework for collaboration on financial innovation.
The CBN governor further convened the Nigeria–Asia Financial Connectivity Dialogue in partnership with J.P. Morgan, Nigerian Exchange Group and FMDQ Group.
Speaking at the dialogue, hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria was seeking to develop deeper, more liquid and internationally connected financial markets.
He said the success of economic reforms should be measured by their ability to build lasting investor confidence rather than attract capital temporarily.
“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 explained that Nigeria’s foreign-exchange reforms were designed to eliminate market distortions, improve transparency and strengthen confidence in the rules governing participation in the market.
He added that exchange-rate stabilisation was not an end in itself but a foundation for attracting long-term institutional investment, improving market infrastructure and deepening international financial connections.
The governor also highlighted the growing role of financial technology and artificial intelligence in financial services, risk management, financial inclusion and regulatory capacity.
He identified opportunities for stronger cooperation between Nigerian and Asian financial institutions, particularly in payments, settlement systems and banking connectivity.
Cardoso said Nigeria’s engagement with Asia went beyond attracting investment, stressing the importance of building lasting relationships among institutions, markets, businesses and people, including Nigerians living and working across the region.
The Singapore engagements form part of a broader CBN programme in Asia, which includes further meetings in Beijing.
