The Archbishop's Palace in Nicosia was initially built as a monastery in the late 18th century. It was used as a monastery until 1924, when it was converted into the residence of the Archbishop of Cyprus. The building was renovated several times, with the most recent renovation in the 1990s.

On the grounds of the palace, there is a monument dedicated to Makarios III, the first President of Cyprus. Makarios III was a Greek Orthodox bishop before he became involved in politics. He played a significant role in the history of Nicosia and Cyprus.

As a bishop in the 1950s, Makarios III was a vocal advocate for Cypriot independence from British rule. He was eventually exiled to Seychelles by the British government, but he continued to work for Cypriot independence from there. After Cyprus gained independence in 1960, Makarios III became the country's first President.

As President, Makarios III worked to establish Cyprus as a sovereign state and improve the lives of its citizens. He faced challenges from within and outside the country, including a coup attempt in 1974 that ultimately led to the Turkish invasion of Cyprus.

Makarios III died in 1977, but his legacy lives on in Cyprus. The monument on the grounds of the Archbishop's Palace is a tribute to his contributions to the country and his role in its history.