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From Adanna Nnamani, Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has hailed the decision of the African Union (AU) to grant Nigeria permanent membership on the Board of the African Monetary Institute (AMI), describing it as a landmark achievement in Africa’s financial integration drive.
According to a statement from the apex bank, the approval was granted at the 39th Ordinary Session of the Assembly of the African Union during its February 2026 Summit, following earlier adoption by the Executive Council at its 48th Ordinary Session. The AMI, established under the AU’s financial institutions agenda, serves as a precursor to the proposed African Central Bank (ACB), which will be headquartered in Abuja.
Speaking at the weekend, Cardoso said hosting the AMI and subsequently the African Central Bank holds immense value for Nigeria and the continent, positioning the country at the centre of Africa’s emerging monetary union and strengthening its influence in shaping the continent’s single currency framework.
Hailing the development, he said: “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 noted that the implementation of the decision marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and advancing Africa’s long-term vision of financial sovereignty and economic integration.
The AU Heads of State and Government at the Summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of the ACB.
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Cardoso attributed the achievement to sustained technical engagement and strategic diplomacy led by the CBN in collaboration with the Federal Ministries of Finance, Foreign Affairs and Justice, as well as the Presidency.
According to him, the milestone reflects collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.
“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.
“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 added.
Cardoso also thanked President Bola Tinubu and Vice President Kashim Shettima for their strategic guidance, describing the development as a victory not only for Nigeria but for Africa’s integration and monetary sovereignty.
Nigeria’s permanent seat on the AMI Board is limited to the transitional phase and includes a sunset clause upon the establishment of the African Central Bank, in line with AU principles of rotation, equity, and regional balance.
