The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has lauded the decision of the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit to officially approve 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.

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.

Applauding the decision that also makes Nigeria a permanent member of the Convergence Council, Cardoso said: “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 APA News.

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, played strategic and historic role in achieving this milestone.

Over the past years, the CBN 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 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.

Cardoso described the development not only as a victory for Nigeria, but also a triumph for Africa’s integration and monetary sovereignty.