Nigeria Finance Ministry and Central Bank Sign Policy Coordination Deal

Nigeria's finance ministry and central bank signed a memorandum of understanding on Friday to formalize coordination between fiscal and monetary policy, aiming to align government borrowing and spending decisions with interest rate and liquidity management. The agreement, signed in Abuja on September 18, 2026, establishes a structured framework for regular consultation, data sharing, and joint policy assessment between the Federal Ministry of Finance and the Central Bank of Nigeria. Finance Minister Taiwo Oyedele and CBN Governor Olayemi Cardoso signed the document at the central bank's headquarters. The MoU covers government cash management, debt issuance planning, liquidity forecasting, macroeconomic analysis, and periodic policy consultations. It also mandates the sharing of data on cash positions, financing plans, credit growth, and foreign exchange flows. Both officials emphasized that the agreement preserves the central bank's operational independence. "The operational independence of the Central Bank remains sacrosanct. Coordination must never become fiscal dominance," Oyedele stated.