The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigeria is poised to play a pivotal role in shaping Africa’s proposed single-currency framework after fresh approvals by the African Union on the African Monetary Institute.
On February 13, the AU executive council also agreed to grant Nigeria a permanent seat on the board of the African Central Bank.
In a statement on Monday, Cardoso said Nigeria’s selection to host the AMI, and eventually the ACB, places the country at the centre of Africa’s emerging monetary union while strengthening its influence over the continent’s future single-currency system.
He called the development a key step toward achieving Africa’s long-term aim of financial independence and closer macroeconomic alignment.
“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,” Cardoso said.
The AMI acts as a precursor to the ACB, responsible for establishing the institutional and technical groundwork for the planned African single currency.
Cardoso noted that Nigeria’s involvement during this transitional phase positions the country at the center of the governance framework that will guide monetary cooperation among member states.
Cardoso stated that Nigeria’s participation in the transitional phase positions the country at the core of the governance framework shaping monetary collaboration among member states.
He added that this milestone highlights Nigeria’s recent macroeconomic reforms and its renewed commitment to monetary stability.
He said the accomplishment underscores Nigeria’s recent macroeconomic reforms and its strengthened focus on maintaining monetary stability.
“These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation,” he noted.
“Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent.”
He expressed gratitude to President Bola Tinubu for providing strategic guidance, calling the development a national milestone and a significant boost to Africa’s integration agenda.
Once formally established, the African Central Bank is expected to serve as the cornerstone of the continent’s monetary union, coordinating policies toward the eventual rollout of a common currency.
