Nigeria Secures Central Bank Board Seat | Courtesy of Nigerian Government
Nigeria has secured a seat on the board of the Central Bank of West African States, marking a new step in regional financial cooperation across West Africa.
The development follows consultations among member states of the West African Monetary Union, which oversees the BCEAO. Nigeria is not a member of the CFA franc zone but has expanded its engagement with regional financial institutions as part of broader economic integration efforts under the Economic Community of West African States framework.
Officials familiar with the process say the board seat gives Nigeria a formal platform to participate in high-level monetary policy discussions affecting trade, cross-border payments and financial stability within the region. The move is expected to strengthen dialogue between Africa’s largest economy and the eight-member monetary union that uses the West African CFA franc.
The BCEAO, headquartered in Dakar, manages monetary policy for Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. It plays a central role in currency management, banking supervision and regional financial regulation.
Nigeria operates its own central bank, the Central Bank of Nigeria, and maintains an independent monetary policy regime. Analysts say the new board representation could improve coordination on issues such as exchange rate stability, regional trade settlements and financial sector reforms.
The announcement comes as West African economies navigate inflation pressures, currency volatility and ongoing debates over plans for a future single regional currency under ECOWAS.
Further details on the scope of Nigeria’s board role and voting rights are expected to be clarified in subsequent official communications.
