Nigeria is scheduled to host the 2016 Annual Meetings of the Association of African Central Banks (AACB) holding in Abuja from August 15-19, 2016.
The meeting of the assembly of governors will be preceded by technical committee and bureau meetings from August 15-17, 2016 as well as a symposium on August 18, 2016, with the theme, “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.
The symposium, which will hold at the CBN Head Office, Central Area, Abuja, will be declared open by President Muhammadu Buhari, while the keynote address will be delivered by Prof. Mario Draghi, Governor, European Central Bank. Speakers at the symposium include Prof. Njuguna Ndung’u, former Governor, Central Bank of Kenya and Dr. Augustin Carstens, Governor, Central Bank of Mexico.
The concept for the formation of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia.
The first AACB meeting of central governors was held in Addis Ababa, Ethiopia, between February 15 and 22, 1965, mainly to examine a cooperation mechanism and its related organs.
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Since then, the association has, in addition to various extraordinary meetings, organised 38 ordinary sessions.
The key objectives of the AACB include to promote co-operation in the monetary, banking and financial spheres in the African region; assist in the formulation of guidelines along which agreements among African countries in the monetary, banking and financial fields shall be reached; and help in strengthening all efforts aimed at bringing about and maintaining price stability and financial stability in the African region.
Others are to examine the effectiveness of international economic and financial institutions in which African countries have an interest and suggest ways of possible improvement and envisage, following a well-timed and sequenced convergence process, the advent of a single currency and a common central bank in Africa.
Currently, the association is collaborating with the African Union (AU) in formulating and implementing the African Monetary Cooperation Programme (AMCP). Ground work for the establishment of the African Central Bank is now going on through the Steering Committee manned by experts from the AU and AACB.
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