CBN, AU Advance Plans for African Central Bank

Nigeria has secured a permanent seat on the Board of the African Monetary Institute (AMI), strengthening its role in Africa’s financial integration drive, according to the Central Bank of Nigeria (CBN).

The approval was granted at the 39th Ordinary Session of the AU Assembly in February 2026, following adoption by the AU Executive Council. The AMI, headquartered in Abuja, is a precursor to the planned African Central Bank.

CBN Governor Olayemi Cardoso described the development as “a significant milestone in Africa’s financial integration journey” and a boost to Nigeria’s continental standing.

He said hosting the AMI, and eventually the African Central Bank, would enhance Nigeria’s influence in shaping Africa’s single currency framework and place the country at the center of monetary integration efforts.

The AU Heads of State endorsed Nigeria’s permanent representation during the transitional phase, with the move expected to advance macroeconomic convergence, monetary cooperation, and financial sovereignty.

The CBN worked with the Ministries of Foreign Affairs, Justice, and Finance to secure approval, leading technical efforts that produced the Draft AMI Statute and providing initial hosting facilities for the institute’s launch.

Cardoso noted that Nigeria’s credibility has improved through reforms in monetary stability, reserves management, banking supervision, and payment system modernisation. “Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he said.

He added that the CBN would continue collaborating with AU institutions, member states, and partners to lay the groundwork for the African Central Bank and the proposed single currency, while Nigeria’s permanent seat on the AMI Board remains limited to the transitional period under AU principles of rotation and equity.