The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that the bank will work towards strengthening collaboration with its counterparts across Africa. This announcement follows Nigeria's recent approval as a permanent member of the Board of the African Monetary Institute (AMI), a key development in promoting financial cooperation on the continent. The decision, made during the 39th Ordinary Session of the Assembly of the African Union in February 2026, marks a significant milestone for Nigeria’s involvement in continental financial integration efforts, initially supported by the AU Executive Council.

The African Monetary Institute, which operates under the framework of the African Union's financial institutions, aims to pave the way for the establishment of the African Central Bank, which will be based in Abuja. Cardoso emphasized that this approval is a landmark achievement that underscores Nigeria’s strategic importance in driving Africa's financial integration agenda. As the continent moves towards greater economic collaboration, these initiatives are expected to enhance financial stability and promote shared growth among member states.

Cardoso's remarks highlight Nigeria's growing influence in shaping the financial landscape of Africa, reinforcing the country’s leadership role in addressing key economic challenges and fostering collaboration among African nations. The developments signify a step forward in fortifying Africa's autonomy in financial matters, promoting regional cooperation, and ultimately aiming for a more unified approach to monetary policy across the continent.