Nigeria's Key Role in Africa's Single Currency Initiative

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted Nigeria's strategic role in the advancement of Africa's single currency plan during the 39th ordinary session of the African Union (AU). He noted Nigeria's hosting of the African Monetary Institute (AMI) and its future role as the headquarters for the African Central Bank (ACB).

Cardoso described Nigeria as central to Africa's emerging monetary union, which will enhance its influence in shaping the continent's single currency framework. He reaffirmed Nigeria's commitment to the AMI board during the summit and emphasized the importance of macroeconomic convergence and stronger monetary cooperation for Africa's long-term financial sovereignty and economic integration.

President Bola Tinubu reiterated Nigeria's readiness to host the ACB in line with the Abuja Treaty, which laid the groundwork for deeper economic integration across the continent. The ACB is expected to coordinate common monetary policies and facilitate multilateral payment systems among member states.