The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has pledged stronger collaboration with African partners following Nigeria’s approval as a permanent member of the Board of the African Monetary Institute.
The decision was ratified at the 39th Ordinary Session of the Assembly of the African Union in February 2026, after prior adoption by the AU Executive Council. The AMI serves as a precursor to the proposed African Central Bank, which will be headquartered in Abuja.
Cardoso described the development as a landmark for Africa’s financial integration and a boost to Nigeria’s continental influence, noting that hosting both the AMI and, eventually, the African Central Bank positions the country at the heart of Africa’s single currency framework.
According to the apex bank, Nigeria’s standing representation on the AMI Board will last through the transitional phase before the African Central Bank is formally established, in line with AU principles of rotation and regional balance.
The CBN said it worked with the Ministries of Foreign Affairs, Justice and Finance to secure the approval, leading technical efforts that produced the Draft AMI Statute and providing initial hosting support for the institute’s launch.
Cardoso attributed the milestone to sustained monetary reforms, improved external reserves management, strengthened banking supervision and modernised payment systems, adding that Nigeria’s credibility across the continent had grown significantly.
He reaffirmed the bank’s commitment to working with the AU Commission, the Association of African Central Banks and member states to lay the groundwork for the African Central Bank and a future African single currency.
