Cardoso applauds AU approval of Nigeria’s role in African Monetary Institute, Central Bank

GOVERNOR of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has praised the African Union’s (AU) decision at its 39th Ordinary Session in February 2026 to formally approve Nigeria’s permanent membership on the Board of the African Monetary Institute (AMI). This follows the prior adoption by the AU Executive Council during its 48th Ordinary Session.

The AMI, established under the AU’s financial institutions agenda, serves as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

Speaking over the weekend, Mr. Cardoso highlighted the strategic significance of hosting the AMI and, in the future, the ACB. “This positions Nigeria at the centre of Africa’s emerging monetary union and strengthens our influence in shaping the continent’s single currency framework,” he said in a statement seen by Economy Post.

The AU decision also grants Nigeria permanent membership on the Convergence Council. Mr. Cardoso described the development as a “historic milestone in Africa’s financial integration journey, reinforcing Nigeria’s pivotal role in the continent’s evolving economic architecture.”

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The move is expected to advance macroeconomic convergence, foster monetary cooperation, and accelerate Africa’s long-term goal of financial sovereignty and integration.

At the summit, AU Heads of States and Governments reaffirmed Nigeria’s standing representation on the AMI Board, a position that will remain throughout the transitional phase until the ACB is formally established.

The CBN, working alongside the Ministries of Foreign Affairs, Justice, and Finance, played a key role in securing this outcome. Over the years, the bank has led technical efforts contributing to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialized Technical Committee on Finance in Abuja. It also provided the AU with initial hosting facilities and essential logistics for AMI’s immediate launch.

In collaboration with relevant federal ministries and the presidency, the CBN sustained Nigeria’s advocacy at the highest political levels.

Mr. Cardoso emphasised that this achievement reflects collective dedication, structural reforms, strategic diplomacy, and renewed macroeconomic direction. “These efforts have strengthened monetary stability, improved management of external reserves, enhanced banking supervision, and modernized our payment systems, boosting Nigeria’s credibility and influence across Africa,” he noted.

He further assured that Nigeria will continue working with the African Union Commission, the Association of African Central Banks, member states, and development partners to lay a strong foundation for the African Central Bank and the eventual African Single Currency.

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Nigeria’s permanent seat on the AMI Board, while time-bound to the transitional period, includes a sunset clause upon the ACB’s establishment, ensuring AU principles of rotation, equity, and regional balance are respected while keeping the host country actively involved in governance during AMI’s formative years.

Mr. Cardoso extended gratitude to President Bola Ahmed Tinubu and Vice President Senator Kashim Shettima for their strategic guidance, describing the milestone as a victory not just for Nigeria, but for Africa’s monetary integration and sovereignty.