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Central Bank of Nigeria (CBN) Governor Mr. Olayemi Cardoso 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 delivered the praise in an Abuja statement on Monday.
During its February summit, the 39th Ordinary Session of the Assembly of the African Union (AU) declared the approval, according to the News Agency of Nigeria (NAN).
It came after the 48th Ordinary Session of the AU Executive Council had previously adopted it.
The African Central Bank (ACB), with its headquarters located in Abuja, Nigeria, is a forerunner of the AMI, which was founded under the AU’s financial institutions agenda.
Nigeria and the continent benefited much from hosting the AMI and then the African Central Bank, according to Cardoso.
It would strengthen Nigeria’s voice and influence in establishing Africa’s single currency architecture, he claimed, and establish Nigeria as the focal point of the continent’s developing monetary union.
The resolution also establishes Nigeria as a permanent member of the Convergence Council, he said.
“This landmark ruling further highlights Nigeria’s strategic role in forming the continent’s changing financial architecture and represents a notable turning point in Africa’s financial integration journey,” he said.
In order to further Africa’s long-term goals of financial sovereignty and economic integration, the governor of the CBN stated that its implementation was an essential step in strengthening macroeconomic convergence and monetary cooperation.
By supporting Nigeria’s permanent presence on the AMI Board, the AU Heads of State and Government at the summit, he said, reinforced the course.
He stated that the post will be held during the transitional period until the ACB was formally established.
A key, strategic, and historic role was performed by the CBN in reaching this milestone, in collaboration with the Ministries of Foreign Affairs, Justice, and Finance.
The Bank has spearheaded the technical work over the previous few years that resulted in the Draft AMI Statute, which was accepted at the Specialized Technical Committee on Finance’s Fifth Extraordinary Meeting in Abuja.
Additionally, the AU received the first hosting facilities and necessary logistics for the instant launch of AMI.
In order to maintain 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 achievement, according to Cardoso, is the result of teamwork based on persistent willpower, structural changes, strategic diplomacy, technical coherence, and a fresh macroeconomic orientation.
“These initiatives have resulted in enhanced monetary stability, management of external reserves, banking oversight, and modernization of the payment system,” he stated.
All things considered, Nigeria’s increased credibility and influence throughout the continent is proof that the results of these efforts are reaching unprecedented heights.
“To build 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.”
According to him, Nigeria was given a permanent seat that was subject to the AMI transition period and had a sunset clause once the ACB was established.
He asserts that this plan guarantees the host nation’s continued participation in governance throughout AMI’s early years while completely adhering to the AU’s principles of equity, rotation, and regional balance.
In addition to praising President Bola Tinubu and Vice-President Kashim Shettima for their strategic leadership, Cardoso called the development a win for Nigeria and a win for Africa’s monetary autonomy and integration.Nannews.ng (NAN)
