Nigeria to play key role in Africa’s financial integration, says Cardoso
The Central Bank of Nigeria, led by Olayemi Cardoso, has announced plans to enhance collaboration with other African central banks. This follows Nigeria’s approval as a permanent member of the Board of the African Monetary Institute. The move is seen as a major step in Africa’s journey towards financial integration and the eventual creation of a single currency. Cardoso highlighted the importance of Nigeria’s new role and thanked national leaders for their support.
TLDR
- Olayemi Cardoso said the Central Bank of Nigeria will strengthen cooperation with African partners after Nigeria’s approval as a permanent member of the African Monetary Institute Board.
- The decision was made at the 39th Ordinary Session of the Assembly of the African Union in February 2026, following adoption by the AU Executive Council at its 48th Ordinary Session.
- The African Monetary Institute, based in Abuja, is a step towards establishing the African Central Bank and a single African currency.
- The Central Bank of Nigeria worked with several ministries to secure the approval and led technical efforts for the institute’s launch.
- Cardoso credited these achievements to sustained reforms and diplomatic engagement, and said Nigeria’s seat on the Board is limited to the transitional period before the African Central Bank is established.
