Cardoso hails AU on African Central Bank, Monetary Institute

2026-02-17 - 00:40

Emma Ujah, Abuja Bureau Chief The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the decision of the 39th Ordinary Session of the Assembly of the African Union (AU) Summit to establish the African Central Bank (ACB) to be headquartered in Abjja. A statement by the CBN, yesterday, also indicates Mr. Cardoso’s gratitude to the AU for approving Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI). The AMI, established under the African Union’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria. Mr. Cardoso noted that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent. He stressed that it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture. Hailing the decision that also makes Nigeria a permanent member of the Convergence Council, the CBN boss was quoted as saying, “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.” Its implementation marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration. 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 collaborating with the African Union Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the African Central Bank and the future African Single Currency,” he added. The AU Heads of State and Government at the Summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of the ACB. The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, were said to have played a central, strategic, and historic role in achieving this milestone. Over the past years, the Bank has led the technical effort that contributed to the Draft AMI Statute, approved at the 5th Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI. The CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels. The permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. 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. While thanking President Bola Ahmed Tinubu, and his vice, Senator Kashim Shettima for their strategic guidance, Mr. Cardoso described the development not only as a victory for Nigeria but also a triumph for Africa’s integration and monetary sovereignty.