![]() ![]() ![]() In addition, a single monetary union for the member states will unify the member states the more. The single regional currency will ease the challenges often associated with the exchange of currencies in intra-area trade. It will ease business transactions and movement of people in the sub-region. There is no doubt the establishment of the single currency will be beneficial to all ECOWAS countries in terms of business, trade and industry. ![]() Therefore, we enjoin all ECOWAS member states to properly evaluate all the conditions that each member state must meet before the implementation of the single currency for the region. No group within the region can do it alone without the input of others.Īre you a Man 40 yrs and above? Do not miss the Vital Information, it goes off in 2 days! CLICH HERE to READ. The idea of having a single currency for the sub-region is good but all the member states must be carried along in conception and execution of the project. The absence of this synergy is already manifesting just one year after the plan to launch the Eco was mooted.Ĭonsidering the president’s reservation on the matter, we urge the ECOWAS member states to exercise restraint and iron out the grey areas before the single currency for the sub-region is established. Without getting the buy-in of all member states, the plan to form a single monetary union cannot succeed. They appeared to have left many things undone before coming up with the idea of a single currency for the sub-region. ![]() As President Buhari rightly said, “we cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.”īuhari’s statement showed that the member states were not on the same page before entering into the union of a single currency. Nigeria is not comfortable with the fact that the francophone countries, which are in majority, formed the West African Economic and Monetary Union to replace their common currency, the CFA Franc, with Eco without input from anglophone member states. He stated Nigeria’s position on the matter during a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ). President Muhammadu Buhari has raised concerns over the planned single currency for the Economic Community of West African States (ECOWAS). ![]()
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