CBN, AU Partner to Drive Africa’s Monetary Integration

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has affirmed the bank’s commitment to strengthening partnerships with continental institutions following Nigeria’s confirmation as a permanent member of the African Monetary Institute (AMI) Board.

The approval was granted at the 39th Ordinary Session of the African Union (AU) Assembly in February 2026, after earlier endorsement by the AU Executive Council. The AMI, set up under the AU’s financial institutions framework, is a precursor to the African Central Bank, which will be headquartered in Abuja.

Cardoso described the decision as a significant step in Africa’s financial integration and a reinforcement of Nigeria’s influence in shaping the continent’s monetary system.

“Hosting the AMI, and eventually the African Central Bank, will strengthen Nigeria’s position in developing Africa’s single currency framework and place the country at the heart of continental monetary initiatives,” he said.

The AU Heads of State and Government approved Nigeria’s permanent seat on the AMI Board for the transitional period leading to the African Central Bank’s formal launch. The move is expected to enhance macroeconomic coordination, deepen monetary cooperation, and advance Africa’s long-term objectives of economic integration and financial independence.

The CBN collaborated with the Ministries of Finance, Foreign Affairs, and Justice to secure the approval. The bank played a central role in drafting the AMI Statute, provided initial facilities for the institute’s launch, and participated in high-level inter-ministerial engagements to sustain Nigeria’s advocacy.

Cardoso highlighted that the achievement reflects ongoing reforms and diplomatic efforts, including stronger monetary stability, improved management of foreign reserves, upgraded banking supervision, and modernized payment systems. “These initiatives have boosted Nigeria’s credibility and influence across the continent,” he added.

Going forward, the CBN will continue working with the African Union Commission, the Association of African Central Banks, member states, and development partners to establish a firm foundation for the African Central Bank and the proposed African single currency.

Nigeria’s permanent seat on the AMI Board will last only through the transitional period and will include a sunset clause to take effect upon the African Central Bank’s establishment, in accordance with AU principles of rotation, equity, and regional balance.

Cardoso thanked President Bola Tinubu and Vice-President Kashim Shettima for their support, calling the development a milestone for Nigeria and for Africa’s broader monetary integration agenda.