CBN Governor Olayemi Cardoso says Nigeria will host the African Monetary Institute and later the African Central Bank as Africa advances single currency plans
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said Nigeria is playing a pivotal role in Africa’s efforts to establish a single continental currency.
In a statement issued in Abuja, Cardoso confirmed that Nigeria will host the African Monetary Institute (AMI) and will subsequently host the African Central Bank (ACB).
He said the development positions Nigeria at the centre of Africa’s push towards monetary union and the eventual introduction of a common currency.
At the 39th Ordinary Session of the Assembly of the African Union> (AU), Nigeria was granted permanent membership on the Board of the AMI during the transition period before the African Central Bank becomes fully operational.
Cardoso described the decision as a significant milestone for both Nigeria and the continent, noting that it strengthens Nigeria’s influence in shaping Africa’s emerging financial architecture.
According to him, the move advances cooperation among African countries in monetary policy coordination, exchange rate stability and cross-border payment systems.
The initiative forms part of Africa’s long-term integration agenda under the Abuja Treaty, adopted in 1991 and operational since 1994.
The treaty outlines steps toward economic integration, including the establishment of a common market and a single currency.
The proposed African Central Bank is expected to coordinate a unified monetary policy, promote international monetary cooperation, stabilise exchange rates, improve payment systems and remove foreign exchange restrictions that hinder intra-African trade.
Cardoso acknowledged the roles played by the CBN and Nigeria’s Federal Ministries of Foreign Affairs, Justice and Finance in securing the hosting rights.
He noted that the CBN contributed technical expertise in drafting the AMI statute and provided facilities and logistical support for the institute’s launch.
The governor attributed Nigeria’s selection to sustained reforms in monetary stability, foreign reserve management, banking supervision and payment system modernisation, which he said have enhanced the country’s credibility across Africa.
Nigeria’s permanent seat on the AMI Board will last only during the transition phase before the African Central Bank is formally established, in line with AU principles of rotation and regional balance.
In addition, Nigeria will serve on the AMI’s Technical Convergence Committee, which focuses on harmonising fiscal and monetary policies across member states as Africa advances toward a unified monetary framework.
Cardoso said Nigeria would continue collaborating closely with the AU Commission, the Association of African Central Banks, member states and development partners to lay a solid foundation for the continent’s future single currency.
