The Governor of the Central Bank of Nigeria (CBN) , Godwin Emefiele has been elected chairman of Committee of Central Bank Governors of the ECOWAS sub-region.

Emefiele, who was elected by fellow central bank governors from ECOWAS countries at the 31st meeting of the Committee of Governors of the West African Monetary Zone (WAMZ) in Abuja yesterday, hinted that the January 1, 2015 date for the commencement of the sub-regions monetary union may not be feasible.

He lamented that “over the years, appraisals have continued to show that the level of macroeconomic convergence in the Zone has remained inadequate relative to the set targets.”

He said since 2009, no two countries satisfied all the four primary convergence criteria consistently for two consecutive years. “Accordingly, we have missed several launch dates for the monetary union,” he said.

This development he said “may have informed the decision of the Heads of State and Governments to approve the Modified Gradualist Approach to monetary integration by 2020.”

He noted that the performance of Member States’ on the convergence scale, relative to that required for the establishment of a monetary union was still inadequate.

Also member countries’ business cycle synchronisation in terms of real GDP, inflation, broad money and interest rates remained weak, and their level of institutional preparedness for the monetary union remain inadequate, he added.

He then urged other central bank governors, “to objectively examine the numerous challenges before us, assess the state of preparedness of member states for monetary integration at short notice, and realistically appraise the directive of the Heads of States and Governments for a Modified Gradualist Approach to monetary Integration by 2020.”

He said their role “is to honestly appraise this directive and design strategies to ensure a sustainable monetary union in the zone.”

In doing this, Emefiele urged other ECOWAS countries, “to think outside the box, realistically assessing and providing innovative options as well as the costs and benefits of implementing the Modified Gradualist Approach.”

He however said that member countries “have continued to make remarkable progress towards the establishment of a common market and the implementation of the ECOWAS Trade Integration Protocols and Convention as well as significant progress towards the reforms of their financial systems.”




SOURCE: http://thenationonlineng.net/new/emefiele-emerges-ecowas-central-banks-governors-chair/

This is what we are suppose to be hearing instead of violent news! congratulations sir!
We are moving ahead!