Governor of the Central Bank of Nigeria, Olayemi Cardoso, has lauded the recent decision by the African Union to officially approve Nigeria’s permanent membership of the board of the African Monetary Institute. Mr Cardoso gave the commendation in a statement on Monday in Abuja.

The approval was announced during the 39th Ordinary Session of the Assembly of the AU, during its February summit. It followed the earlier adoption by the Executive Council of the AU at its 48th Ordinary Session.

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

Mr Cardoso said that hosting the AMI and, subsequently, the African Central Bank held immense value for Nigeria and the continent. He said it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance its voice and influence in shaping the architecture of Africa’s single currency.

According to him, the decision also makes Nigeria a permanent member of the Convergence Council.

“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,” Mr Cardoso said.

The CBN governor said that its implementation marked a vital step toward enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration.

Mr Cardoso said that the AU heads of state and government at the summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI board. He said that the position would remain in place throughout the transitional phase until the formal establishment of the ACB.

According to Mr Cardoso, the latest success reflects the collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.

“These efforts have led to improved monetary stability, external 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.

“We will continue to collaborate with the AU Commission, the Association of African Central Banks, member states, and development partners to establish a solid foundation for the ACB and the future African single currency,” Mr Cardoso explained.

The CBN chief also mentioned that the permanent seat granted to Nigeria was time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. According to him, 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.

(NAN)