Abuja: Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision by the African Union (AU) to officially approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI). Cardoso gave the commendation in a statement on Monday in Abuja.
According to News Agency of Nigeria, the approval was announced during the 39th Ordinary Session of the Assembly of the African Union (AU), held during its February summit. This decision followed the earlier adoption by the Executive Council of the AU at its 48th Ordinary Session. The AMI, established under the AU’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.
Cardoso highlighted that hosting the AMI and, subsequently, the African Central Bank held immense importance for Nigeria and the continent. He stated that it would position Nigeria as the epicenter of Africa’s emerging monetary union and enhance her influence in the development of Africa’s single currency architecture. He further noted that the decision also secures Nigeria a permanent membership on the Convergence Council.
“This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasizes Nigeria’s strategic role in shaping the continent’s evolving financial architecture,” he said. The CBN governor emphasized that its implementation marked a crucial step towards enhancing macroeconomic convergence, fostering monetary cooperation, and advancing Africa’s long-term vision of financial sovereignty and economic integration.
He added that the AU Heads of State and government at the summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board. This position is set to remain throughout the transitional phase until the official establishment of the ACB.
Cardoso also credited the CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, for playing a central, strategic, and historic role in achieving this milestone. Over the years, the Bank has led the technical effort that contributed to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialized Technical Committee on Finance in Abuja. It has also provided the AU with initial hosting facilities and essential logistics for the immediate launch of AMI.
He noted the CBN’s participation in inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels. According to Cardoso, the latest success reflects collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.
Cardoso explained, “These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernization. Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent. We will continue to collaborate with the AU Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the ACB and the future African Single Currency.”
He concluded by saying that the permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon the establishment of the ACB. This design respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.