By Onu Okorie

The Central Bank of Nigeria (CBN) has stepped up efforts to deepen Nigeria’s financial links with Asia, with Governor Olayemi Cardoso holding high-level engagements in Singapore aimed at attracting longer-term capital, strengthening market infrastructure and expanding cooperation on financial technology.
The engagements, held ahead of the IMF-World Bank Annual Meetings in Bangkok, included discussions with the Monetary Authority of Singapore (MAS), a new cooperation agreement with the Global Finance & Technology Network (GFTN), and a Nigeria-Asia Financial Connectivity Dialogue convened by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The Singapore meetings mark part of the apex bank’s broader push to translate domestic financial-sector reforms into stronger international relationships and more efficient channels for investment, trade and financial innovation.
At the meeting with MAS, the CBN delegation discussed financial-sector development, regulation, market connectivity and innovation, with both sides identifying areas for continued engagement and possible cooperation.
The discussions also provided an opportunity for the two institutions to exchange experiences on financial-market development and the application of emerging technologies to the financial system.
CBN, GFTN sign innovation pact
The CBN subsequently signed a Memorandum of Understanding with GFTN to establish a framework for cooperation on financial innovation.
The agreement is expected to facilitate links between institutions and innovation ecosystems in Nigeria and Singapore, while providing a platform for identifying areas of mutual interest and practical opportunities for collaboration.
The development comes as financial technology assumes a growing role in the transformation of banking, payments, risk management and financial inclusion globally.
For Nigeria, the CBN has increasingly positioned technology and market innovation as components of efforts to improve the efficiency and resilience of the financial system.
Focus shifts to retaining capital
At the Nigeria-Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso told investors and financial-sector stakeholders that Nigeria’s reform agenda was aimed at creating deeper, more liquid and internationally connected markets.
The governor said recent reforms in the foreign-exchange market were designed to eliminate distortions, improve transparency and strengthen 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,” Cardoso said.
He identified credible monetary policy, stronger governance, improved market functioning and predictable rules as important conditions for sustained domestic and international investment.
According to him, stabilising the financial environment should not be viewed as the final objective, but as a foundation for greater participation by long-term institutional investors and stronger connections between Nigerian and global financial markets.
Nigeria seeks stronger Asia financial links
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
Discussions focused on Nigeria’s reform trajectory, including capital formation, foreign-exchange market confidence, market liquidity and the infrastructure required to support sustained international participation.
The panel was moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, and featured Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.
The discussions underscored the growing importance of stronger links between Nigerian and Asian financial institutions as Nigeria seeks to expand its access to international capital and deepen domestic markets.
Cardoso said the country’s engagement with Asia was not limited to securing investment inflows, but was also intended to establish durable relationships among banks, financial institutions, businesses and individuals.
He identified potential areas of cooperation including stronger links between Nigerian and Asian banks, improved market infrastructure, more efficient payment and settlement channels and increased participation by Nigerians living and working across Asia.
Fintech, AI emerge as key areas
The CBN governor also highlighted the expanding role of financial technology and artificial intelligence in the financial sector.
He said the technologies could improve the delivery of financial services, strengthen risk management, broaden financial inclusion and enhance the capacity of regulators.
The emphasis on innovation also featured in the CBN’s agreement with GFTN, which provides a formal framework for institutions in both countries to explore opportunities in financial technology and related areas.
The Singapore engagements form part of a wider programme of financial and institutional outreach across Asia, with the CBN delegation scheduled to hold further meetings in Beijing.
The apex bank’s latest engagements suggest that Nigeria’s financial-sector reform agenda is increasingly being pursued alongside efforts to build stronger international market relationships, particularly in Asia, where financial institutions and investors represent potential partners in the country’s next phase of market development.