Cardoso Hails Nigeria’s Permanent Membership on Board of African Monetary Institute

• Says development victory for country, triumph for Africa’s integration, monetary sovereignty

James Emejo in Abuja

Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has hailed the recent decision of the 39th Ordinary Session of the Assembly of the African Union (AU) to officially approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI).

The decision was taken during the body’s February 2026 Summit in Addis Ababa, Ethiopia.

The approval followed the earlier adoption by the Executive Council of the African Union (AU), at its 48th Ordinary Session.

Cardoso described the development as a victory for Nigeria and triumph for Africa’s integration and monetary sovereignty.

The AMI, established under AU’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

The CBN governor stated that hosting the AMI and, subsequently, ACB, hold immense value for Nigeria and the continent.

He stressed that it would position the country as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture.

Further commending the decision that also makes Nigeria a permanent member of the Convergence Council, the central bank governor said, “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.”

Its implementation marked a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration.

Cardoso stated that the latest success reflected the collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.

The AU Heads of State and Government at the summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of ACB.

A statement issued by the apex bank said CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central, strategic, and historic role in the achievement of the milestone.

Over the past years, CBN had led the technical effort that contributed to the Draft AMI Statute, approved at the fifth Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI.

The CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, Ministry of Foreign Affairs, Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels.

Cardoso said, “These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation.”

The statement said the achievement were a testament to Nigeria’s enhanced credibility and influence across the continent.

It said, “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.”

Nonetheless, the permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of ACB. This design fully respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.

While thanking President Bola Tinubu and Vice President Kashim Shettima for their strategic guidance, Cardoso described Nigeria’s AMI permanent membership as victory for Nigeria and Africa’s integration and monetary sovereignty.