The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has said the bank will strengthen cooperation with continental partners following Nigeria’s approval as a permanent member of the Board of the African Monetary Institute.
In a statement by the apex bank on Monday, it was disclosed that the decision was taken at the 39th Ordinary Session of the Assembly of the African Union in February 2026, after earlier adoption by the AU Executive Council at its 48th Ordinary Session.
The AMI, established under the AU’s financial institutions framework, serves as a precursor to the African Central Bank, which will be headquartered in Abuja.
Cardoso described the approval as a landmark in Africa’s financial integration drive and a boost to Nigeria’s continental standing.
“This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture,” he was quoted as saying in the statement.
He added that hosting the AMI and subsequently the African Central Bank would strengthen Nigeria’s influence in the development of Africa’s single currency framework and position the country at the centre of the continent’s monetary integration efforts.
The AU Heads of State and Government endorsed Nigeria’s standing representation on the AMI Board for the duration of the transitional phase preceding the formal establishment of the African Central Bank.
According to the statement, the move is expected to advance macroeconomic convergence, deepen monetary cooperation and support Africa’s long-term objective of financial sovereignty and economic integration.
The CBN disclosed that it worked with the Ministries of Foreign Affairs, Justice and Finance to secure the approval.
The bank led technical efforts that produced the Draft AMI Statute, adopted at the fifth Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided initial hosting facilities and logistics for the institute’s launch.
It also participated in inter-ministerial engagements involving the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice and the Presidency to sustain Nigeria’s advocacy at the highest political level.
Cardoso said the outcome reflected sustained reforms and diplomatic engagement.
These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation.
“Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he noted.
He said the CBN would continue to work with the African Union Commission, the Association of African Central Banks, member states and development partners to lay the groundwork for the African Central Bank and the proposed African single currency.
“We will continue collaborating with the African Union Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the African Central Bank and the future African Single Currency,” he said in the statement.
The statement added that Nigeria’s permanent seat on the AMI Board is limited to the transitional period and includes a sunset clause that takes effect upon the establishment of the African Central Bank, in line with AU principles of rotation, equity and regional balance.
Cardoso thanked President Bola Tinubu and Vice-President Kashim Shettima for their support, describing the development as a major step for Nigeria and Africa’s broader monetary integration agenda.
Recall it was earlier reported that Nigeria secured a permanent seat on the Board of the African Central Bank following deliberations at the 39th Session of the Executive Council of the African Union.
According to a statement issued by the Ministry of Foreign Affairs, the development marked a significant diplomatic milestone.
The Minister of Foreign Affairs, Yusuf Tuggar, who signed the statement, said that Nigeria also secured representation on the Board of the African Monetary Institute through the Technical Convergence Committee.
