The Central Bank of Nigeria’s Governor, Olayemi Cardoso, has praised the African Union’s decision to approve Nigeria’s permanent membership on the Board of the African Monetary Institute (AMI).

 This move positions Nigeria as a key player in Africa’s monetary union and enhances its influence in shaping the continent’s single currency architecture.

The AMI is a precursor to the African Central Bank (ACB), set to be headquartered in Abuja, Nigeria.

 Cardoso noted that hosting the AMI and ACB will boost Nigeria’s role in Africa’s financial integration.

The decision marks a significant milestone in Africa’s financial integration journey, emphasizing Nigeria’s strategic role in shaping the continent’s financial architecture. The CBN, along with other ministries, played a key role in achieving this milestone .

Cardoso  described the development as a victory for Nigeria and Africa’s integration and monetary sovereignty. The CBN assured it  will continue collaborating with the AU Commission and other partners to establish a solid foundation for the African Central Bank and the future African Single Currency.

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