Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on African financial regulators to strengthen collaboration in managing cross-border risks, warning that growing interconnections among financial systems across the continent demand urgent and coordinated oversight.
According to a statement issued by the apex bank on Tuesday, Cardoso made the call in Abuja while speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision, held at the CBN headquarters.
He noted that as banks and financial markets across Africa become increasingly interconnected, regulators must intensify cooperation to shield the system from shocks and support sustainable economic growth.
“As African banks and financial systems become more integrated, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity across the continent,” he said.
Cardoso explained that financial integration in Africa is advancing more rapidly than political coordination, making it imperative for regulators to adopt harmonised standards that reflect the continent’s evolving realities.
He urged the adoption of shared prudential frameworks that would enable countries to respond collectively to emerging risks while promoting inclusive economic growth.
