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ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 9:30am On Jun 25, 2013 |
The West Africa Monetary Institute (WAMI) has disclosed that the proposed ECOWAS single currency is expected to be launched and circulated in member states by January 2015 as part of the region’s integration process. The WAMI Director of Finance Integration, Dr. Eunice N. Egbuna, who represented the director general of the institute stated this during a visit by a group of West African journalists who were on training in Accra, Ghana organized by Deutsche Welle Akademie on regional integration. “The establishment of a common West Africa central bank and single currency is expected to kick off by January 2015 when member states must have met all the qualitative and quantitative requirements for both to be operationalized,” Egbuna said. She also said $200 million was set aside as the capital base for the proposed West African Central Bank with a contribution of $100 million from each member state. Apart from member’s contributions, individual countries are also expected to have certain contribution at their own free will. “Ghana has offered to build the central bank which would be located there, WAMI secretariat would be in Guinea and the cost would be borne by its government while Nigeria is expected to also take responsibility of an aspect of the process. Members will as well contribute based on their Gross Domestic Profit,” the director said. She also said that they signed a memorandum of understanding with French speaking countries in the region on information sharing, adding that member states are expected to harmonize their currency especially those with double currency before the introduction of the single currency. Link: http://www.dailytrust.com.ng/index.php/business/56312-ecowas-single-currency-begins-in-2015-wami 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Ajasnoop: 9:37am On Jun 25, 2013 |
Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint 8 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by dasparrow: 9:41am On Jun 25, 2013 |
@Post Hmmm, let's see how that goes. Hopefully having a single currency will turn out to be a plus rather than a negative. 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Afam4eva(m): 9:43am On Jun 25, 2013 |
A lot of people have been clamoring for this for a long time. Good to know that it's coming to fruition. 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Gbawe: 9:45am On Jun 25, 2013 |
Tall order. Target dates have been proposed in the past that have not been met because genuine sincerity and commitment remain non-existent. Ecowas Countries, in my opinion, are only paying lip service to the notion of single currency. 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by daywatcher: 9:51am On Jun 25, 2013 |
I will voice my opinion when it starts |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by kkkp: 9:54am On Jun 25, 2013 |
Ok |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 9:54am On Jun 25, 2013 |
IS DAT WHAT THEY LEARNT FROM THE EURO? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 9:54am On Jun 25, 2013 |
Ajasnoop: Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint That's a valid point. The likes of Greece, Spain et al, have been experiencing economic austerity due to the fact that those countries don't print the Euro. Instead, it's printed by the European Central Bank. WAMI could mandate it's member countries to print the ECOWAS currency themselves, instead of depending on a single ECOWAS Central Bank. 2 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Walexz02(m): 9:54am On Jun 25, 2013 |
Really? Lets wait and see.. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by lafuria1(m): 9:55am On Jun 25, 2013 |
Don't like the idea of a single currency base on the euro experience. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ichommy(m): 9:55am On Jun 25, 2013 |
Can't wait, guess it will make sense |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by surveycash(m): 9:56am On Jun 25, 2013 |
The question is - Will it be sustainable? Are we ripe for this? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Codedrock(m): 9:57am On Jun 25, 2013 |
What the?? I hate this! The devil you know before is beta than the angel you are yet to know.. So our values will have 2 change again? Craps.. They musnt be serious with this! 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Olaone1: 9:57am On Jun 25, 2013 |
Okay 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by touchmeder: 9:57am On Jun 25, 2013 |
Ajasnoop: Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint One will think we will be watching and learning abi? the wise ones who are sure of themselves will refuse to enter see. e.g UK 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by WukedP(m): 9:57am On Jun 25, 2013 |
;DEnd time things....... 3 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by 1bunne4lif(m): 9:58am On Jun 25, 2013 |
Noted. Next! |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by MrTroll(m): 9:58am On Jun 25, 2013 |
So nobody's gonna say anything about end time Only reasonable comments We give upppp 2 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 9:59am On Jun 25, 2013 |
A christian brother once told me that the single currency stuffs in all the continents of the world are all geared towards the end time objectives, where if a brethren don't have the mark of the beast (666) he/she won't be allowed to do any transaction, be it market, bank etc. (The new world order) But on a more serious note, is there any need for this single currency nonsense? Don't tell me it's because europe use euro (remember England is in europe too) North America use dollar etc. There are other serious things ECOWAS could have channeled their energies towards; things like terrorism, poverty, creating pathways for land locked countries, corruption, diseases and the list is endless. Well, all I can say is; We all should repent of our sins, turn to God. And human beings are God's treasures, if you can't help them, at least don't hurt them. 12 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Akpaife(m): 9:59am On Jun 25, 2013 |
End time is coming I dey see danger soon d whole world will use 1 currency 2 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 9:59am On Jun 25, 2013 |
Wow! Right before our eyes! Economically, this is a good one considering the immense benefits it promisess. Politically, i wonder how the government would raise these monies. I suspect they might propose the introduction of the "Eco" because most member states are either too poor to afford it or are improvished by the ever increasing looting of state funds by the "representatives of the people". Just cant help it, had to relate this to prophecy also. How reliable are these prophecies. According to prophecy, this development which was foretold over 2000 years ago in THE BOOK is part a gradual progression to the period of the anti christ where the whole world would use a single currency, and no one can sell or buy without "the mark". But all the same, its a good one. Lets enjoy it while we have the time. Waiting for it. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by kaeto(m): 9:59am On Jun 25, 2013 |
One world government at hand, like it or hate it. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by xamiel: 9:59am On Jun 25, 2013 |
I think this is a bad omen.. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ektbear: 9:59am On Jun 25, 2013 |
Wuked.P: no be by force to post |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ballabriggs: 9:59am On Jun 25, 2013 |
It is not feasible and I will give you some reasons. You do not just do it because you hear others are doing it. Firstly, most ECOWAS countries do not have the same economic cycle. To share a single currency is to lose control of your monetary policy. In fact Nigeria with a lesser risk than these other countries will be stupid to dollarise its currency. A bit technical and I might need a chart to explain what I mean. Secondly, the volume of inter-ECOWAS trade between member countries is a small proportion of the total trade of these countries. Makes absolutely no sense to then dollarise when there are still barriers to trade between members. 5 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by kennyonthrone(m): 10:00am On Jun 25, 2013 |
Mk I comment my reserve til 2015 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by yhemster(m): 10:01am On Jun 25, 2013 |
I have few questions 1. Is there going to be free trade agreement across the region? 2. Are we going to have a single monetary policy across the region? 3. what is the security of the new money, is backed with gold, oil or empty air? Am open to ur opinions. 3 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Olaone1: 10:01am On Jun 25, 2013 |
Afam4eva: A lot of people have been clamoring for this for a long time. Good to know that it's coming to fruition.And you expect it to work out well? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 10:02am On Jun 25, 2013 |
ballabriggs: It is not feasible and I will give you some reasons. You do not just do it because you hear others are doing it. The ECOWAS treaty would have to be enforced in order to guarantee that those same trade barriers are minimised. For instance, ECOWAS passport holders may not need a visa to visit another ECOWAS country, if they are visiting for, say, 3 or 4 months. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by shaneroberts26: 10:04am On Jun 25, 2013 |
Dead On Arrival 1 Like |
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