Nigeria Secures Permanent Seat on African Monetary Institute Board

Nigeria has secured a permanent seat on the Board of the African Monetary Institute (AMI), marking a major milestone in Africa’s long-standing drive toward monetary integration. The development was ratified at the 39th Ordinary Session of the Assembly of the African Union (AU) in February 2026, following earlier endorsement by the AU Executive Council at its 48th Ordinary Session. The decision reinforces Nigeria’s position as a key economic driver within the continent.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, described the approval as historic, stating that it strengthens Nigeria’s strategic influence in shaping Africa’s emerging financial architecture. According to him, permanent membership on the AMI Board during the transitional phase signals confidence in Nigeria’s macroeconomic leadership and institutional capacity.

The AMI is a precursor to the proposed African Central Bank, one of the flagship financial institutions envisioned under the AU’s Agenda 2063 framework. Its mandate includes driving macroeconomic convergence, coordinating monetary policy harmonisation, and laying technical groundwork for a potential single African currency.

With the African Central Bank expected to be headquartered in Abuja, Nigeria stands to assume a central operational role in the continent’s financial governance structure. Analysts say this could enhance investor confidence, deepen regional trade integration, and support the implementation of the African Continental Free Trade Area (AfCFTA).

.

Policy experts argue that Nigeria’s permanent seat could accelerate discussions around exchange rate stability, inflation convergence benchmarks, and financial regulatory coordination. The move is widely viewed as both symbolic and strategic in advancing Africa’s long-term economic sovereignty.