The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the bank will strengthen cooperation with continental partners following Nigeria’s approval as a permanent member of the Board of the African Monetary Institute.
In a statement on Monday, the apex bank disclosed that the decision was taken 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.
The AMI, established under the AU’s financial institutions framework, serves as a precursor to the African Central Bank, which will be headquartered in Abuja. Cardoso described the approval as a landmark in Africa’s financial integration drive and a boost to Nigeria’s continental standing.
“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,” he said.
He added that hosting the AMI, and eventually the African Central Bank, would enhance Nigeria’s influence in developing Africa’s single currency framework and place the country at the center of the continent’s monetary integration efforts.
