Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has applauded the decision of the African Union (AU) to grant Nigeria permanent membership on the board of the African Monetary Institute (AMI).
The approval was endorsed at the 39th Ordinary Session of the AU Assembly held during the February 2026 summit, following earlier adoption by the AU Executive Council at its 48th Ordinary Session.
The AMI, created under the AU’s financial institutions framework, is designed to serve as a transitional body ahead of the establishment of the African Central Bank (ACB), which is to be headquartered in Abuja.
Cardoso described the development as a major step forward for both Nigeria and the continent, noting that hosting the AMI and subsequently the ACB places Nigeria at the centre of Africa’s evolving monetary union project.
He said the AU’s decision strengthens Nigeria’s influence in shaping the framework for Africa’s proposed single currency and deepens its role in continental financial governance.
“This historic decision represents a key milestone in Africa’s journey toward financial integration and reinforces Nigeria’s strategic importance in shaping the continent’s emerging financial architecture,” Cardoso said.
The CBN governor added that implementation of the decision would accelerate macroeconomic convergence, strengthen monetary cooperation among member states, and advance Africa’s long-term goal of financial sovereignty and economic integration.
At the summit, AU heads of state and government reaffirmed Nigeria’s standing representation on the AMI board throughout its transitional phase, pending the formal establishment of the African Central Bank.
The CBN, alongside the Federal Ministries of Foreign Affairs, Justice, and Finance, played what Cardoso described as a pivotal role in securing the milestone.
Over the years, the apex bank led technical efforts that contributed to drafting the AMI Statute, which was approved at the Fifth Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja.
The CBN also provided initial hosting facilities and logistics to facilitate the institute’s take-off.
In addition, the apex bank worked closely with the federal government through inter-ministerial collaboration and sustained diplomatic engagement to advance Nigeria’s case at the highest political levels.
Cardoso attributed the achievement to ongoing structural reforms and strengthened macroeconomic management, including improvements in monetary stability, external reserves management, banking supervision, and payment system modernisation.
He said these measures have enhanced Nigeria’s credibility and standing across the continent.
“We will continue to work with the African Union Commission, the Association of African Central Banks, member states, and development partners to lay a solid foundation for the African Central Bank and the future African Single Currency,” he stated.
The permanent seat allocated to Nigeria is limited to the AMI’s transitional period and includes a sunset clause that takes effect upon the establishment of the ACB.
The arrangement, according to officials, aligns with AU principles of rotation, equity, and regional balance, while ensuring continuity during the institute’s formative phase.
Cardoso also expressed appreciation to President Bola Tinubu and Vice President Kashim Shettima for their support and strategic leadership, describing the development as a significant achievement not only for Nigeria but for Africa’s broader integration and monetary ambitions.
