Nigeria to Lead Africa’s Move Toward Single Currency
By Patience Ikpeme
Nigeria has taken a giant leap toward leading the continent’s financial future following the official approval for the country to become a permanent member of the Board of the African Monetary Institute (AMI).
The African Union (AU) gave this approval during its recent summit in February 2026. This move is a major step because the AMI is the organization that will eventually turn into the African Central Bank, which will have its headquarters right here in Abuja.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, explained that hosting this institute and the future African Central Bank will put Nigeria at the center of Africa’s money matters. He said this will give the country a stronger voice when decisions are being made about a single currency for the whole of Africa.
Mr. Cardoso described the move as a big win for both Nigeria and the rest of the continent. While celebrating the fact that Nigeria is now a permanent member of the group overseeing these changes, he said: “This historic decision marks a significant milestone in Africa’s financial integration journey and further shows Nigeria’s strategic role in shaping the continent’s evolving financial architecture.”
The journey to this achievement involved a lot of hard work behind the scenes. The CBN worked closely with the Ministry of Foreign Affairs, the Ministry of Justice, and the Ministry of Finance to make sure Nigeria secured this spot. Over the last few years, the CBN provided the technical expertise needed to write the rules for the new institute and even provided the buildings and tools needed for the AMI to start its work.
According to the CBN Governor, this success did not happen by chance. He said it is the result of steady hard work, better ways of doing things, and clever diplomacy. He pointed out that Nigeria’s efforts have led to better stability in our money, better management of our foreign savings, and modern ways of making payments.
Speaking on the impact of these improvements, Mr. Cardoso said: “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 also promised that the work does not end here. He said the CBN will keep working with the African Union and other African countries to build a strong foundation for the African Central Bank and the future African Single Currency.
This permanent seat given to Nigeria will last through the period while the new system is being set up. It is designed to respect the African Union’s rules of fairness and sharing power among different regions, while making sure Nigeria, as the host country, is involved in the leadership during these starting years.
Mr. Cardoso thanked President Bola Ahmed Tinubu and Vice President Kashim Shettima for their leadership and support. He said this development is a victory for Nigeria and a great win for Africa’s plan to handle its own money and stay united.
