The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria is set to play a central role in shaping Africa’s future single-currency framework, following fresh approvals by the African Union on the establishment of the African Monetary Institute (AMI).
Gatekeepers News reports that on February 13, the Executive Council of the African Union agreed to grant Nigeria a permanent seat on the board of the African Central Bank (ACB).
In a statement issued on Monday, Cardoso said the decision for Nigeria to host the AMI — and eventually the ACB — places the country at the heart of Africa’s emerging monetary union and strengthens its influence in shaping the continent’s proposed single currency.
He described the development as a major step toward Africa’s long-term goal of financial sovereignty and deeper macroeconomic convergence.
“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,” Cardoso said.
The AMI will serve as a precursor to the ACB, laying the institutional and technical foundations for the proposed African single currency.
Cardoso noted that Nigeria’s role during the transitional phase places it at the centre of the governance structure that will define monetary cooperation among African states.
He added that the achievement reflects Nigeria’s recent macroeconomic reforms and renewed focus on monetary stability.
“These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation,” he said.
“Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent.”
The CBN governor said the apex bank would continue working with the African Union Commission, the Association of African Central Banks, and other member states to establish a strong institutional base for the ACB.
He also thanked President Bola Tinubu for providing strategic direction, describing the development as both a national milestone and a boost to Africa’s integration agenda.
Once formally established, the African Central Bank is expected to anchor the continent’s monetary union project and coordinate policies toward the eventual introduction of a common African currency.
