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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the apex bank’s commitment to strengthening collaboration with African monetary authorities after Nigeria secured permanent representation on the Board of the African Monetary Institute (AMI).
The decision was endorsed at the 39th Ordinary Session of the Assembly of the African Union (AU) in February 2026, following prior adoption by the AU Executive Council at its 48th Ordinary Session. The AMI, established under the AU’s financial institutions framework, serves as the precursor to the proposed African Central Bank, which will be headquartered in Abuja.
Cardoso described the development as a landmark achievement in Africa’s financial integration agenda, reinforcing Nigeria’s strategic role in shaping the continent’s evolving financial architecture and strengthening continental regulatory frameworks.
“This historic decision 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,” Cardoso stated.
He noted that hosting the AMI—and subsequently the African Central Bank—positions Nigeria at the centre of efforts to develop Africa’s single currency framework. According to him, the move enhances Nigeria’s capacity to influence regulatory policy, monetary convergence strategies, and long-term regulatory risk management across member states.
The AU Heads of State and Government approved Nigeria’s standing representation on the AMI Board throughout the transitional phase preceding the formal establishment of the African Central Bank. The appointment is expected to support macroeconomic convergence, deepen monetary cooperation, and advance Africa’s objective of financial sovereignty and economic integration.
The CBN disclosed that it worked closely with the Ministries of Foreign Affairs, Justice, and Finance to secure the approval. The bank also spearheaded technical efforts that produced the Draft AMI Statute, adopted during the fifth Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja. Additionally, Nigeria provided initial hosting facilities and logistical support for the institute’s launch.
Through coordinated inter-ministerial engagements involving the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency, Nigeria sustained high-level diplomatic advocacy to secure the board seat.
Cardoso highlighted that the achievement reflects sustained institutional reforms, including improvements in monetary stability, external reserves management, banking supervision, and payment system modernization. These reforms, he noted, have strengthened Nigeria’s credibility and continental influence, aligning with best practices in compliance management, supervisory oversight, and regulatory compliance.
The CBN Governor affirmed that the bank will continue collaborating 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 proposed African Single Currency.
He emphasized that Nigeria’s permanent seat on the AMI Board applies only during the transitional period and includes a sunset clause that takes effect upon the establishment of the African Central Bank, in accordance with AU principles of rotation, equity, and regional balance.
Cardoso expressed appreciation to President Bola Tinubu and Vice-President Kashim Shettima for their support, describing the development as a major step forward for Nigeria and Africa’s broader monetary integration strategy.
The announcement follows earlier confirmation that Nigeria also secured a permanent seat on the Board of the African Central Bank during the 39th Session of the AU Executive Council, alongside representation on the AMI Board through the Technical Convergence Committee.
From a governance and compliance perspective, Nigeria’s expanded continental role strengthens its influence in shaping Africa’s future monetary architecture—anchored on institutional integrity, structured risk assessment, harmonized regulatory requirements, and enhanced supervisory coordination across African central banks.
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