The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision of the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit to approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI).
This approval followed the earlier adoption by the Executive Council of the African Union (AU), at its 48th Ordinary Session. The AMI, established under the African Union’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.
Cardoso, at the weekend, noted that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent. He stressed that it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture.
Hailing the decision that also makes Nigeria a permanent member of the Convergence Council, he said: “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.”
Its implementation 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.
