AU grants Nigeria permanent seat on future African Central Bank board; Abuja to host African Monetary Institute, a precursor to the ACB
Nigeria has been placed at the centre of efforts to design an African single currency after the African Union’s executive council on Feb. 13 granted the country a permanent seat on the board of the planned African Central Bank (ACB) and confirmed Abuja as host of the African Monetary Institute (AMI), the Central Bank of Nigeria (CBN) said on Monday.
Olayemi Cardoso, governor of the CBN, said the AU decision positions Nigeria to play a central role in shaping the institutional and technical framework for the continent’s proposed single currency. The AMI is tasked with laying the groundwork for the ACB, which will ultimately coordinate policy across member states and oversee the launch of a common currency.
“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 in a CBN statement.
Cardoso linked the development to recent national reforms, saying Nigeria’s macroeconomic measures — including improved monetary stability, strengthened management of external reserves, enhanced banking supervision and payment system modernisation — have boosted the country’s credibility and influence across Africa.
He said the CBN would continue to work with the African Union Commission, the Association of African Central Banks and other member states to establish a solid institutional base for the ACB. Cardoso also thanked President Bola Tinubu for providing strategic direction on the initiative.
The AMI is intended as a transitional body that will develop the institutional and technical foundations for the ACB and the eventual monetary union. Once established, the African Central Bank is expected to anchor the continent’s monetary union project and coordinate convergence toward a shared currency.
