Nigeria signs pact to host African central bank

Africa has moved another step closer to establishing a continental central bank after Nigerian lawmakers and African Union officials signed a memorandum of understanding to house the regional hub in Abuja, the country's capital.

Under the terms of the agreement, signed in Washington DC over the weekend, the establishment of the central bank will be accelerated. A steering committee, whose members will become the first residents of the building, is tasked with initiating and monitoring the con