The Central Bank of Nigeria (CBN) has announced plans to deepen collaboration with other African central banks following Nigeria’s approval as a permanent member of the Board of the African Monetary Institute (AMI).
In a statement issued Monday, the apex bank confirmed that the decision was reached at the 39th Ordinary Session of the African Union Assembly in February 2026, after earlier adoption by the AU Executive Council.
The AMI, created under the AU’s financial institutions framework, is a precursor to the African Central Bank, which will be headquartered in Abuja.
CBN Governor Olayemi Cardoso described the approval as a landmark achievement for Nigeria and the continent.
“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 said.
He added that hosting the AMI and eventually the African Central Bank would strengthen Nigeria’s influence in developing Africa’s single currency framework.
“We will continue collaborating 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 noted.
According to the statement, Nigeria’s permanent seat on the AMI Board will last only through the transitional phase, with a sunset clause taking effect once the African Central Bank is formally established, in line with AU principles of rotation and equity.
The CBN disclosed that it worked closely with the Ministries of Foreign Affairs, Justice, and Finance, leading technical efforts that produced the Draft AMI Statute adopted in Abuja, while also providing hosting facilities and logistics for the institute’s launch.
Cardoso credited sustained reforms and diplomatic engagement for the outcome, citing improvements in 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 said.
He also thanked President Bola Tinubu and Vice-President Kashim Shettima for their support, describing the development as a major step for Nigeria and Africa’s broader monetary integration agenda.
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