The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance have signed a Memorandum of Understanding (MoU) aimed at strengthening coordination between fiscal and monetary authorities in the management of Nigeria’s economy.
The agreement formalised closer collaboration and information sharing between the two institutions on critical economic issues, including inflation, economic growth, government revenue, liquidity management, public financing and exchange rate management.
According to the institutions, the framework is designed to improve policy coordination while preserving the operational independence of the CBN.
Speaking at the signing ceremony, CBN Governor, Olayemi Cardoso, reaffirmed the Bank’s commitment to sound monetary policy and macroeconomic stability, saying the agreement would strengthen an enduring partnership between the fiscal and monetary authorities.
“Today’s signing strengthens an enduring partnership and reinforces our shared commitment to work together in the national interest,” Cardoso said.
He added that the partnership would contribute to building “a more stable and resilient economy that creates greater opportunity for all Nigerians.”
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stressed the importance of strong institutions in sustaining economic resilience.
“Strong economies are not built around strong personalities. They are built around strong institutions,” Oyedele said.
The MoU is expected to provide a more structured framework for fiscal and monetary authorities to align their policies and responses to emerging economic challenges.
The collaboration is also intended to support price stability, sustainable economic growth, financial system resilience and improved investor confidence, while advancing Nigeria’s broader economic stability and development objectives.
