By Bassey Udo
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision of Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI) will position the country as the epicentre of Africa’s emerging monetary union, the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
The CBN governor made the declaration shortly after the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit officially approved NIgeria’s permanent membership of the Board of the Institute.
The approval followed the earlier adoption by the Executive Council of the AU at 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 would have its headquarters Nigeria’s Federal Capital Territory, Abuja.
Reacting to the AU Assembly decision, Mr. Cardoso said at the weekend that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent.
Apart from positioning Nigeria as the epicentre of Africa’s emerging monetary union, the CBN Governor said Nigeria’s permanent membership would enhance the country’s voice and influence in shaping Africa’s single currency architecture.
He described the decision to approve Nigeria’s permanent membership of the Convergence Council as historic, as it “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.”
Also, he said the implementation of the decision marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing 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.
The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central, strategic, and historic role in achieving this milestone.
Over the past years, the Bank led the technical effort that contributed to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI.
Besides, the CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels.
Mr. Cardoso said the latest success reflects the 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 to collaborate 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.
The permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. This design fully respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.
While thanking President Bola Ahmed Tinubu, and his vice, Kashim Shettima, for their strategic guidance, Mr. Cardoso described the development not only as a victory for Nigeria, but also a triumph for Africa’s integration and monetary sovereignty.
