AMI board approval Nigeria boosts continental influence, as CBN Governor Olayemi Cardoso pledges deeper African monetary cooperation

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, on Monday welcomed the AMI Board Approval Nigeria secured at the African Union summit, pledging to deepen cooperation with continental partners as the country takes a permanent seat on the Board of the African Monetary Institute.

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The decision was endorsed at the 39th Ordinary Session of the Assembly of the African Union in February 2026, following earlier adoption by the AU Executive Council at its 48th Ordinary Session, according to a statement issued by the Central Bank of Nigeria.

The African Monetary Institute serves as a precursor to the proposed African Central Bank, which is to be headquartered in Abuja under the AU’s financial institutions framework.

Nigeria’s standing representation on the AMI Board will last through the transitional phase preceding the formal establishment of the continental apex bank.

Mr Cardoso described the AMI Board Approval Nigeria received as a historic milestone in Africa’s financial integration drive and a powerful endorsement of Nigeria’s strategic role in shaping the continent’s evolving monetary architecture.

“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,” Mr Cardoso said.

The CBN governor noted that hosting the African Monetary Institute, and subsequently the African Central Bank, would position Nigeria at the centre of Africa’s single currency framework and strengthen its influence in continental monetary policy coordination.

The Central Bank disclosed that it worked closely with the Federal Ministries of Foreign Affairs, Justice and Finance to secure the approval.

The bank led technical efforts that produced the Draft AMI Statute, which was adopted at the fifth Extraordinary Meeting of the Specialised Technical Committee on Finance held in Abuja.

The CBN also provided initial hosting facilities and logistical support for the institute’s launch, and participated in high-level inter-ministerial engagements involving the Presidency to sustain Nigeria’s advocacy at the highest political level.

According to the statement, the AMI Board Approval Nigeria obtained is expected to advance macroeconomic convergence across member states, deepen monetary cooperation and support Africa’s long-term objective of financial sovereignty and economic integration.

Mr Cardoso attributed the outcome to sustained reforms and diplomatic engagement, citing improvements in monetary stability, external reserves management, banking supervision and payment system modernisation as factors enhancing Nigeria’s continental credibility.

“Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” Mr Cardoso said.

The governor added that the CBN would continue to collaborate with the African Union Commission, the Association of African Central Banks, member states and development partners to lay a solid foundation for the African Central Bank and the proposed African single currency.

The CBN clarified that Nigeria’s permanent seat on the AMI Board is limited to the transitional period and contains a sunset clause that will take effect upon the establishment of the African Central Bank, in line with AU principles of rotation, equity and regional balance.

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Mr Cardoso expressed appreciation to President Bola Ahmed Tinubu and Vice-President Kashim Shettima for their support, describing the development as a defining step for Nigeria and Africa’s broader monetary integration agenda.