Nigeria Secures Permanent Membership in African Monetary Institute

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), commended the African Union (AU) for its decision during the 39th Ordinary Session of the Assembly held in February 2026, which approved Nigeria's permanent membership on the board of the African Monetary Institute (AMI).

This approval followed an earlier endorsement by the AU's Executive Council during its 48th Ordinary Session. The establishment of the AMI is a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

Cardoso noted that hosting the AMI and subsequently the ACB holds immense value for Nigeria, positioning it at the epicenter of Africa's emerging monetary union. This decision underscores Nigeria's strategic role in shaping the continent's financial architecture and enhancing macroeconomic convergence.

The AU heads of state reaffirmed Nigeria's representation on the AMI board, which will remain throughout the transitional phase until the ACB is formally established. The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central role in achieving this milestone.