Nigeria Strengthens Influence in Africa’s Monetary Integration Plans

Nigeria’s central bank has announced plans to deepen its engagement with continental partners to promote financial and monetary integration across Africa. The country has secured a permanent seat on the Board of the African Monetary Institute (AMI), a key step toward the eventual establishment of the African Central Bank.

This position places Nigeria at the center of discussions shaping the future of a potential African single currency and broader monetary cooperation initiatives. Officials say it strengthens the country’s influence in designing frameworks for continental financial integration.

The Central Bank of Nigeria (CBN) is working with other African central banks, the African Union Commission, and development partners to build the foundations for stronger macroeconomic convergence. Efforts include contributing technical expertise and supporting interim institutions that will aid the transition toward a unified banking and currency system.

CBN leaders emphasized the importance of coordinated collaboration with federal ministries and diplomatic missions to sustain Nigeria’s advocacy at the highest political levels. They described the development as a boost to Nigeria’s standing in Africa’s financial architecture and a step toward deeper economic integration across the continent.