CBN Governor Cardoso, Brazillian Counterpart Explore Remittance Boost Through Afro-Brazilian Links
Nigeria’s Central Bank Governor, Olayemi Cardoso, has met with his Brazilian counterpart, Gabriel Muricca Galípolo, in talks aimed at strengthening financial ties, boosting diaspora remittances, and exploring new areas of cooperation between the two economies.
The meeting, held in Brasília during President Bola Tinubu’s state visit, focused on deepening collaboration in monetary policy, financial stability, fintech, and mobile money innovation, with both sides agreeing that sharing expertise would enhance financial inclusion and spur growth.
Cardoso emphasized that Brazil’s Afro-Brazilian population—the largest African-descended community outside Africa—provides a unique bridge for cultural and financial exchange with Nigeria.
He noted that this shared heritage could serve as a powerful driver of increased remittance flows, with huge potential benefits for both countries.
“Nigeria and Brazil have deep historical ties that go beyond trade. The Afro-Brazilian community can be a vital driver of increased remittance flows and stronger economic partnerships,” he said.
Galípolo, the Brazilian central bank chief, welcomed the initiative and affirmed that closer ties with Nigeria would not only strengthen financial cooperation but also contribute to stability in both economies.
He expressed confidence that fintech and payment system innovations would play a central role in realizing these objectives.
Nigeria is currently experiencing a surge in diaspora inflows, estimated at around $600 million per month, with projections that the figure could climb to $1 billion monthly.
The Central Bank has identified remittances as a crucial pillar for external reserves and economic stability. Cardoso has also outlined broader plans to formalize diaspora contributions, attract more capital through transparent policies, and create an enabling environment for cross-border investments.
Both central banks are expected to continue technical discussions on cooperation frameworks, particularly in remittance flows, digital finance, and regulatory collaboration. Analysts believe that strengthening ties with Brazil, Latin America’s largest economy, could open new opportunities for Nigeria in global financial and trade networks.
