The African Union (AU) has officially approved Nigeria’s permanent membership on the Board of the African Monetary Institute (AMI), marking a decisive step toward the establishment of a single continental currency and the eventual launch of the African Central Bank (ACB). The decision was ratified during the 39th Ordinary Session of the Assembly of the African Union in February 2026, following a recommendation from the AU Executive Council.A Precursor to the African Central BankThe AMI serves as the foundational body for the African Central Bank, which is slated to be headquartered in Abuja, Nigeria. Under the newly approved governance structure, Nigeria will also hold a permanent seat on the Convergence Council throughout the institute’s transitional phase.Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, described the milestone as a “historic victory” for Nigeria’s strategic influence.“This decision marks a significant milestone in Africa’s financial integration journey,” Cardoso stated. “It positions Nigeria as the epicenter of Africa’s emerging monetary union and enhances our voice in shaping the continent’s single currency architecture.” Strategic Collaboration and ImplementationThe approval follows years of technical and diplomatic advocacy led by the CBN in collaboration with the Nigerian Ministries of Foreign Affairs, Justice, and Finance. The CBN previously spearheaded the drafting of the AMI Statute and provided the initial hosting facilities and logistics required for the institute’s launch. The permanent board seat granted to Nigeria includes a “sunset clause,” meaning the arrangement will remain in effect until the formal establishment of the ACB. This structure is intended to ensure stable governance during the formative years while respecting the AU principles of regional balance and rotation.
Cardoso attributed the diplomatic success to Nigeria’s recent structural reforms and improved macroeconomic direction, noting that the country’s enhanced credibility in banking supervision and payment systems played a critical role in securing the AU’s endorsement. Looking Ahead
While the AMI begins its work on technical integration, the Nigerian government has pledged continued collaboration with the African Union Commission and the Association of African Central Banks.
Mr. Cardoso expressed gratitude to President Bola Ahmed Tinubu and Vice President Kashim Shettima for their guidance, characterizing the development as a triumph for both Nigerian diplomacy and African economic integration.
