By Emma Peter, Abuja
The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance have strengthened their institutional partnership with the signing of a Memorandum of Understanding (MoU) designed to enhance coordination between fiscal and monetary authorities in the management of Nigeria’s economy
The agreement establishes a more structured framework for collaboration and information sharing between the two institutions, particularly on issues relating to inflation, economic growth, government revenue, liquidity management, public financing and exchange rate policy.
The partnership is also expected to promote greater coherence in economic policymaking while preserving the operational independence of the Central Bank in carrying out its statutory monetary policy responsibilities.
Speaking at the signing ceremony, the CBN Governor, Olayemi Cardoso, said closer institutional cooperation would contribute to a more coordinated approach to addressing the country’s macroeconomic challenges.
Cardoso reaffirmed the apex bank’s commitment to maintaining sound monetary policy and supporting conditions that would promote macroeconomic stability and sustainable economic development.
“Today’s signing strengthens an enduring partnership and reinforces our shared commitment to work together in the national interest. Through this partnership, we can help build a more stable and resilient economy that creates greater opportunity for all Nigerians,” he said.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, underscored the importance of institutional strength and effective coordination in achieving lasting economic stability.
According to Oyedele, sustainable economic progress depends on institutions that can effectively perform their responsibilities rather than being overly dependent on individual personalities.
“Strong economies are not built around strong personalities. They are built around strong institutions,” he said.
The MoU is expected to provide a stronger platform for both institutions to exchange relevant economic information, improve policy alignment and strengthen the effectiveness of government’s overall economic management framework.
Through closer fiscal-monetary coordination, the partnership seeks to contribute to price stability, sustainable economic growth, financial system resilience and improved confidence among investors and other economic stakeholders.
The agreement ultimately reflects a shared commitment by the CBN and the Federal Ministry of Finance to strengthen institutional collaboration and support policies capable of advancing Nigeria’s economic stability and long-term development.
