CBN to Boost Continental Collaboration Following AU Approval
The Central Bank of Nigeria (CBN) has announced plans to strengthen collaboration with African partners after Nigeria was confirmed as a permanent member of the Board of the African Monetary Institute (AMI).
The approval came during the 39th Ordinary Session of the African Union Assembly in February 2026, following earlier endorsement by the AU Executive Council.
The AMI, established under the AU’s financial institutions framework, is a precursor to the planned African Central Bank, which will be based in Abuja. Nigeria’s permanent representation on the AMI Board covers the transitional period leading up to the formal creation of the African Central Bank.
CBN Governor Olayemi Cardoso described the development as a major milestone for Africa’s financial integration and a boost to Nigeria’s influence on the continent’s evolving monetary architecture.
Hosting the AMI and later the African Central Bank is expected to strengthen Nigeria’s role in the development of a single African currency and broader monetary cooperation.
The apex bank highlighted that it collaborated with the Ministries of Finance, Foreign Affairs, and Justice to secure the approval. It also led technical efforts that produced the Draft AMI Statute, organized initial logistics for the institute and maintained high-level inter-ministerial advocacy to secure Nigeria’s representation.
Cardoso emphasized that the achievement reflects years of reforms in monetary policy, banking supervision, payment system modernization and external reserves management, which have enhanced Nigeria’s credibility and influence across Africa.
The CBN affirmed its commitment to ongoing collaboration with the African Union Commission, the Association of African Central Banks, member states and development partners to establish a strong foundation for the African Central Bank and the eventual African single currency.
The bank noted that Nigeria’s permanent seat on the AMI Board will conclude once the African Central Bank is formally established, in accordance with AU principles of rotation, equity and regional balance. President Bola Tinubu and Vice-President Kashim Shettima were acknowledged for supporting Nigeria’s diplomatic and technical efforts, which have positioned the country as a key player in Africa’s monetary integration agenda.
The Ministry of Foreign Affairs confirmed that the appointment also reflects Nigeria’s successful representation through the Technical Convergence Committee, marking a significant step in advancing the continent’s long-term economic and financial sovereignty.
