Cardoso Hails Nigeria’s AMI Board Victory, Path to African Central Bank

By Linda Ike

Central Bank of Nigeria Governor, Olayemi Cardoso has praised the African Union’s 39th Ordinary Session decision at its February 2026 Summit, greenlighting Nigeria’s permanent seat on the African Monetary Institute (AMI) Board, paving the way for the African Central Bank (ACB) in Abuja.

The nod followed the AU Executive Council’s 48th Session approval. AMI serves as the ACB precursor under AU’s financial agenda, boosting Nigeria’s clout in Africa’s single currency push.

“This historic step cements Nigeria as Africa’s monetary hub,” Cardoso said, noting permanent Convergence Council membership. “It spotlights our role in financial integration.”

CBN led technical efforts, drafting the AMI Statute in Abuja and providing launch logistics, alongside ministries of Finance, Foreign Affairs, Justice, and the Presidency.

Cardoso credited reforms in stability, reserves, banking, and payments for Nigeria’s rising influence.

“We’ll partner AU, African central banks, states, and donors to build the ACB and single currency foundation,” he pledged, thanking President Tinubu and VP Shettima.

The seat lasts through AMI’s transition to ACB, honoring AU rotation and equity while keeping host Nigeria central.