By: Nana
Appiah Acquaye
The Central Bank of Nigeria
(CBN) and the Federal Ministry of Finance have signed a Memorandum of
Understanding (MoU) to strengthen coordination between fiscal and monetary
authorities and support more effective economic management in Nigeria.
The agreement formalises
closer collaboration and information sharing between the two institutions on
key areas including inflation, economic growth, government revenue, liquidity,
public financing and exchange rate management.
The framework is designed to
bring fiscal and monetary policies into closer alignment while safeguarding the
operational independence of the Central Bank of Nigeria.
According to the CBN,
stronger coordination between the institutions is expected to support price
stability, sustainable economic growth, financial system resilience and
enhanced investor confidence.
Speaking at the signing, CBN
Governor Olayemi Cardoso reaffirmed the Bank’s commitment to sound monetary
policy, macroeconomic stability and the long-term prosperity of Nigerians.
“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 could
help build a more stable and resilient economy capable of creating greater
opportunities for Nigerians.
Minister of Finance and
Coordinating Minister of the Economy Taiwo Oyedele stressed the importance of
strong institutions in building a resilient economy.
“Strong economies are not
built around strong personalities. They are built around strong institutions,”
Oyedele said.
The agreement comes as both
institutions seek to reinforce coordination in managing key fiscal and monetary
issues affecting the Nigerian economy.
