Governor of the Central Bank of Nigeria, Olayemi Cardoso, has pledged to deepen cooperation with continental partners following Nigeria’s approval as a permanent member of the Board of the African Monetary Institute.
In a statement issued on Monday, the apex bank said 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 proposed African Central Bank, which will be headquartered in Abuja.
Cardoso described the approval as a landmark achievement in Africa’s financial integration journey and a significant 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 said.
He noted that hosting the AMI and eventually the African Central Bank would strengthen Nigeria’s influence in shaping Africa’s single currency framework and place the country at the centre of monetary integration efforts.
The AU Heads of State and Government endorsed Nigeria’s permanent representation on the AMI Board for the transitional phase preceding the formal establishment of the African Central Bank.
According to the CBN, the move is expected to promote macroeconomic convergence, deepen monetary cooperation and advance Africa’s long-term goals of financial sovereignty and economic integration.
The bank disclosed that it worked closely with the Federal Ministries of Foreign Affairs, Justice and Finance to secure the approval.
It also 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 for the institute’s launch.
Cardoso said the development reflects 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 said.
He added that the CBN would continue working with the African Union Commission, the Association of African Central Banks, member states and development partners to lay the foundation for the African Central Bank and the proposed African single currency.
The statement clarified that Nigeria’s permanent seat on the AMI Board is limited to the transitional period and includes a sunset clause that takes effect once the African Central Bank is established, in line with AU principles of rotation, equity and regional balance.
Cardoso thanked President Bola Tinubu and Vice-President Kashim Shettima for their support.
Meanwhile, a statement signed by the Minister of Foreign Affairs, Yusuf Tuggar, described the development as a major diplomatic milestone, adding that Nigeria also secured representation on the AMI Board through the Technical Convergence Committee.
