The Central Bank of Nigeria (CBN) has strengthened its engagement with Singapore’s financial institutions as part of efforts to improve Nigeria’s financial links with Asia, attract long-term investment and promote financial innovation.
The CBN Governor, Olayemi Cardoso, led the high-level engagements in Singapore, which focused on institutional cooperation, financial market development, regulatory collaboration and opportunities for investment between Nigeria and Asian economies.
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.
The dialogue was organised by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
According to the CBN, the engagements were aimed at converting Nigeria’s financial sector reforms into stronger international partnerships, deeper financial markets and practical opportunities for investment, trade and innovation.
During the meeting with MAS, the Nigerian delegation exchanged views with its Singaporean counterparts on financial sector development, regulation, market connectivity and innovation. The discussions also identified areas where both institutions could continue engaging and explore possible cooperation.
The CBN and GFTN also signed an MoU to establish a framework for collaboration in financial innovation. The agreement is expected to provide a platform for connecting relevant institutions and innovation ecosystems while identifying practical areas of cooperation.
Speaking at the Nigeria–Asia Financial Connectivity Dialogue, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets.
He explained that the country’s ongoing reforms were intended to establish a stronger foundation for sustainable market development and improve confidence among local and foreign investors.
The CBN governor said Nigeria’s foreign exchange reforms were designed to eliminate market distortions, improve transparency and strengthen confidence in the rules governing participation in the foreign exchange market.
Cardoso stressed that attracting foreign capital was not enough, noting that Nigeria needed to create conditions that would encourage investors to maintain their investments, return with additional capital and expand their business activities.
He said credible monetary policy, stronger governance, improved market operations and predictable regulations were essential to sustaining investor confidence and attracting long-term investments.
According to him, economic stabilisation should not be viewed as an end in itself but as a foundation for broader participation by institutional investors, stronger financial infrastructure and improved connections with international markets.
Cardoso further explained that Nigeria’s engagement with Asian economies was intended to go beyond attracting investment funds. He said the country also wanted to build lasting relationships among financial institutions, markets, businesses and people across the regions.
He identified opportunities to strengthen cooperation between Nigerian and Asian banks, improve payment and settlement systems, and expand participation by Nigerians in financial and business activities across Asia.
The CBN’s engagements in Singapore reflect its broader efforts to strengthen international financial cooperation, improve access to investment opportunities and position Nigeria’s financial markets for greater participation in the global economy.
The success of these initiatives will depend on sustained institutional collaboration, effective implementation of reforms and the development of reliable financial systems capable of supporting cross-border trade, investment and innovation.
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