Nigeria now at centre of Africa’s single currency plan – Cardoso 

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the country’s hosting of the African Monetary Institute and later the African Central Bank will place it at the centre of Africa’s coming monetary union and strengthen its influence in designing the continent’s single currency system.

Speaking on the development, Cardoso described the decision as one with strong value for both Nigeria and Africa, noting that it confirms Nigeria’s growing role in shaping the continent’s financial direction. 

He said Nigeria’s selection as a permanent member of the Convergence Council is part of the same decision and shows confidence in the country’s economic leadership.

“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,” he said.

The CBN governor praised the outcome of the 39th Ordinary Session of the Assembly of the African Union, held during the February 2026 Summit, where leaders approved Nigeria’s permanent membership of the AMI Board. He explained that this came after an earlier approval by the Executive Council of the AU at its 48th Ordinary Session, meaning the decision followed due process within the union’s governing structure.

The AMI is one of the key financial institutions planned by the AU and serves as a preparatory body for the African Central Bank, which is expected to be located in Abuja. 

According to Cardoso, setting up the institute is a major step toward aligning African economies, improving cooperation among central banks, and moving closer to the long-term plan of a single African currency and stronger financial independence for the continent.

At the summit, African heads of state and government approved Nigeria’s continued representation on the AMI Board throughout the transition period leading to the creation of the African Central Bank. This arrangement means Nigeria will remain part of decision-making during the institute’s early years, ensuring that the host country is fully involved while structures are being built.

The governor explained that the achievement did not happen by chance but was the result of years of planning and coordination among several government bodies. 

He said the CBN worked closely with ministries responsible for foreign affairs, justice and finance to secure the position. He added that the bank led technical work that helped produce the draft statute establishing the AMI, which was adopted at a specialised finance committee meeting held in Abuja.

The CBN governor said the Bank also provided temporary office facilities and logistical support to enable the institute begin operations quickly, while Nigeria’s ministries and the Presidency engaged in diplomatic efforts to push the country’s case at top political levels across Africa.

Cardoso said the success reflects what he called “sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction,” noting that these efforts have helped improve Nigeria’s monetary stability, management of foreign reserves, supervision of banks and modernization of payment systems.

“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,” he said.

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He added that Nigeria will continue to work with the AU Commission, the Association of African Central Banks, member countries and development partners to build a strong foundation for the future African Central Bank and the proposed single African currency.

The CBN governor explained that Nigeria’s permanent seat on the AMI Board will only last during the transition period before the central bank is formally created. He noted that the arrangement includes a sunset clause that ends the seat once the African Central Bank is established. According to him, this approach respects the AU’s principles of rotation, fairness and regional balance, while still allowing the host nation to be fully involved during the institute’s early stages.

Cardoso thanked President Bola Ahmed Tinubu and Vice President Kashim Shettima for what he described as their strategic guidance and support. He said the development should be seen not only as a national success but also as a collective victory for Africa’s economic unity and financial independence.

According to him, Nigeria’s role in hosting and guiding the institute places the country in a position to help shape decisions that will affect trade, investment, currency stability and financial cooperation across the continent for many years to come.