African Monetary Institute: Cardoso Applauds Nigeria’s Permanent Board Role

Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has praised the African Union’s (AU) recent decision to formally confirm Nigeria’s permanent participation on the African Monetary Institute’s (AMI) board.
Cardoso made the praise in an Abuja statement on Monday.

The permission was made public during the 39th Ordinary Session of the Assembly of the African Union (AU) during its February summit, according to the News Agency of Nigeria (NAN).

At its 48th Ordinary Session, the Executive Council of the AU had previously adopted it.

As a forerunner of the African Central Bank (ACB), which would have its headquarters in Abuja, Nigeria, the AMI was founded under the AU’s financial institutions agenda.

Cardoso stated that Nigeria and the continent will greatly benefit from hosting the AMI and, later, the African Central Bank.

He claimed that it would strengthen Nigeria’s voice and influence in forming the continent’s single currency architecture and establish her as the focal point of the continent’s developing monetary union.

He said that Nigeria is now a permanent member of the Convergence Council as a result of the decision.

He stated, “This historic decision further highlights Nigeria’s strategic role in shaping the continent’s evolving financial architecture and marks a significant milestone in Africa’s financial integration journey.”

Its execution, according to the governor of the CBN, was a critical step in advancing Africa’s long-term goals of financial sovereignty and economic integration, strengthening macroeconomic convergence, and encouraging monetary cooperation.

He stated that by supporting Nigeria’s permanent presence on the AMI Board, the AU heads of state and government at the summit reinforced the road.

According to him, the role will be maintained during the transitional period until the ACB was formally established.

In order to reach this milestone, the CBN, the Ministries of Foreign Affairs, Justice, and Finance all played crucial, strategic, and historic roles.

“The Bank spearheaded the technical work that went into the Draft AMI Statute, which was accepted at the 5th Extraordinary Meeting of the Specialized Technical Committee on Finance in Abuja over the past few years.

Additionally, it supplied the AU with the first hosting facilities and necessary logistics for AMI’s instant launch.

In order to support Nigeria’s advocacy at the highest political levels, the CBN also took part in an interministerial partnership with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency.

The most recent accomplishment, according to Cardoso, is the result of teamwork based on persistent willpower, structural changes, strategic diplomacy, technical coherence, and a fresh macroeconomic focus.

He clarified, saying, “These initiatives have resulted in enhanced banking supervision, payment system modernization, foreign reserves management, and monetary stability.

“Overall, the results of these endeavors are attaining unprecedented heights, as demonstrated by Nigeria’s increased legitimacy and sway throughout the continent.

“In order to lay a strong foundation for the ACB and the future African Single Currency, we will keep working with the AU Commission, the Association of African Central Banks, Member States, and development partners.”

He claimed that the permanent seat allotted to Nigeria included a sunset clause at the creation of the ACB and was time-bound to the AMI transition period.

He claims that this architecture ensures that the host nation stays involved in governance throughout AMI’s early years while completely adhering to the AU’s criteria of rotation, equity, and regional balance.

In addition to congratulating President Bola Tinubu and Vice-President Kashim Shettima for their strategic leadership, Cardoso called the development a victory for Nigeria and a win for Africa’s monetary autonomy and integration.(NAN) (www.nannews.ng)