CBN is trying to increase the flow of Nigerian-Brazilian money

The Governor of the Nigerian Central Bank (CBN), Olayemi Cardoso, has identified the AFRO-BRASCI population which is quite large as the main opportunity to strengthen the flow of money and deepen financial cooperation between the two countries.

Cardoso made a statement during the meeting with his colleague in Brazil, Gabriel Galípolo, during the visit of the state of President Tinubu Bola to Brazil, according to a statement issued by CBN on Saturday.

The Nigerian delegation held broad discussions with Brazilian officials on monetary policy, financial stability, and regulatory collaboration. Cardoso emphasized the need for stronger institutional bonds and exchange of knowledge between the two central banks, especially in fields such as payment systems, fintech, and cellular money.

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“Nigeria is building a more resilient financial system to attract capital, take advantage of sending diaspora money, and creating a stable environment where trade and investment can develop,” he said, noting that Brazil’s success in advancing financial inclusion could offer valuable lessons, while the developing Nigerian fintech ecosystem also provided insight.

Galípolo, in its part, welcomed the involvement, stated Brazilian’s commitment to expand cooperation with Nigeria as a path to financial stability and joint prosperity.

Talks came in the midst of increasing the emphasis on the contribution of the diaspora to the Nigerian economy. Earlier this month, Foreign Minister Yusuf Tuggar revealed that Nigerians who lived abroad delivered more than $ 20 billion in 2024.