The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on African financial regulators to strengthen cooperation in addressing cross-border risks, as financial systems across the continent become increasingly interconnected.
Cardoso made the call at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision, held at the headquarters of the Central Bank of Nigeria in Abuja.
He stressed that collaboration among regulators is now essential, warning that regional financial integration is advancing faster than political coordination.
The CBN governor urged regulators to adopt shared prudential principles tailored to Africa’s realities, noting that such alignment would enable a more coordinated response to emerging vulnerabilities while supporting inclusive economic growth.
Highlighting Nigeria’s reforms, Cardoso recalled that the apex bank launched the Banking Sector Recapitalisation Programme in 2024 to strengthen the resilience of financial institutions.
He said the policy had helped Nigerian banks attract ₦4.61 trillion in fresh capital, with about 27 per cent coming from foreign investors.
He added that the reforms had positioned Nigerian banks to expand operations across African markets, despite economic challenges such as subsidy removal and exchange rate adjustments.
Cardoso reaffirmed the CBN’s commitment to strong corporate governance, declaring zero tolerance for violations and an end to regulatory leniency.
He disclosed that the bank had introduced restrictions on banking services for chronic defaulters, particularly non-performing large-ticket obligors, as part of efforts to enforce credit discipline and protect the financial system.
On monetary policy, Cardoso said the CBN remains committed to orthodox measures aimed at restoring price stability, strengthening policy credibility, and anchoring market expectations.
He also highlighted the growing role of financial technology, noting that the bank is implementing reforms and policy frameworks to balance innovation with financial stability in Nigeria’s evolving digital ecosystem.
In his remarks, Director of IMF/AFRITAC West 2, Ivohasina Fizara Razafimahefa, said the forum provides a platform for dialogue between the International Monetary Fund and national regulators.
He noted that discussions at this year’s forum focused on emerging risks to financial stability, including digital finance, fintech expansion, artificial intelligence, and climate-related financial challenges.
The forum, which brought together senior officials including central bank deputy governors from six member countries, reaffirmed the importance of regional collaboration in safeguarding Africa’s financial systems.
