The Central Bank of Nigeria (CBN) has secured a permanent seat on the Board of the African Monetary Institute (AMI), following a decision by the African Union (AU). This approval positions Nigeria to play a leading role in the continent’s preparatory steps toward a future African Central Bank.
The AU Heads of State and Government endorsed Nigeria’s standing representation on the AMI Board during the 39th Ordinary Session of the Assembly in February 2026. The decision, earlier adopted by the AU Executive Council, grants Nigeria a seat for the transitional phase preceding the formal establishment of the African Central Bank, which is slated to be headquartered in Abuja. The seat includes a sunset clause, terminating upon the central bank’s formation, in line with AU principles of rotation and regional balance.
CBN Governor Olayemi Cardoso described the approval as a significant milestone for Africa’s financial integration and 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 stated.
The AMI operates under the AU’s financial institutions framework and serves as the precursor institution to the African Central Bank. Governor Cardoso noted that hosting the AMI and later the central bank will strengthen Nigeria’s influence in developing a single currency framework and position the country at the centre of monetary integration efforts.
The achievement follows sustained diplomatic and technical engagement led by the CBN. The bank collaborated with the Ministries of Foreign Affairs, Justice, and Finance to advocate for the seat. Technically, the CBN spearheaded the drafting of the AMI Statute, adopted in Abuja, and provided initial hosting facilities for the institute’s launch. Inter-ministerial engagements with the Presidency, Finance, and Foreign Affairs ministries maintained high-level political support.
Governor Cardoso linked the outcome to broader reforms in monetary stability, reserves management, banking supervision, and payment systems. “The achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he added.
The CBNconfirmed it will continue collaborating with the AU Commission, the Association of African Central Banks, member states, and development partners to build the foundation for both the African Central Bank and the proposed single currency. The statement thanked President Bola Tinubu and Vice-President Kashim Shettima for their support, calling the development a major step for Nigeria and Africa’s broader monetary integration agenda.
Separately, Nigeria’s Ministry of Foreign Affairs also reported the country’s permanent seat on the future African Central Bank’s Board, confirming the diplomatic milestone following AU Executive Council deliberations.
