By Kikelomo Okere
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has welcomed the African Union’s approval of Nigeria’s permanent seat on the Board of the African Monetary Institute.
The decision was taken at the 39th Ordinary Session of the Assembly of the African Union in February 2026, following earlier endorsement by the Executive Council.
The African Monetary Institute is the precursor to the proposed African Central Bank, which will be headquartered in Abuja.
Cardoso says hosting the AMI — and eventually the African Central Bank — positions Nigeria at the centre of Africa’s monetary integration drive and strengthens its influence in shaping the continent’s single currency framework.
Nigeria will also serve as a permanent member of the Convergence Council throughout the AMI’s transitional phase, until the African Central Bank is formally established.
The CBN, alongside the Ministries of Finance, Foreign Affairs and Justice, led the technical and diplomatic push — drafting the AMI statute, securing approvals, and providing initial hosting facilities.
Cardoso describes the milestone as a boost to Nigeria’s credibility, reflecting ongoing reforms in monetary stability, reserve management, banking supervision and payment system modernisation.
He adds that Nigeria will continue working with AU institutions and member states to lay a solid foundation for Africa’s future single currency.
The CBN Governor also commended President Bola Ahmed Tinubu and Vice President Kashim Shettima for their strategic support, describing the development as a win for both Nigeria and Africa’s financial sovereignty.
