Single African currency vision gains momentum with Monetary Institute push
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Nigeria is intensifying efforts to host the African Union's African Monetary Institute, a crucial step towards a single African currency and deeper monetary integration. The institute is set to commence operations in September 2026.
Nigeria is pushing to host the African Union's African Monetary Institute (AMI), a key step towards a single African currency. The Central Bank of Nigeria has provided a dedicated office facility in Abuja for the institute. Nigerian authorities reaffirmed their commitment to meeting all requirements to operationalise the AMI on schedule during the IMF/World Bank Spring Meetings in Washington DC. The AMI is seen as a foundational pillar in creating a single African currency, strengthening economic integration, and enhancing policy coordination. The institute is expected to commence operations in September 2026. Nigeria has accelerated 'last-mile' actions to transition the AMI from a legal framework into a fully operational institution.
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