Olalekan Adetayo, Abuja

President Muhamadu Buhari on Tuesday in Niamey, Republic of Niger, urged member countries of the Economic Community of West African States to to tread carefully in pushing for a single currency in the sub-region by 2020.

He cited the challenges faced by the European Union in realising the same goal to buttress his position.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President made his position known in his speech at the fourth meeting of the Presidential Task Force on the ECOWAS Currency Programme.

Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union.

“To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,” the President was quoted as saying.

Buhari noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macro-economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.

The President said domestic issues in ECOWAS member countries relating to their constitutions and dependence on aids continue to affect the framework for implementing the single currency in the sub-region

He said, “Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on the information presented to the Heads of State which were the basis for their recommendations, we are concerned that we have not properly articulated and analysed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns.”

The President told the Heads of State that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

cC; lalasticlala, Mynd44

http://punchng.com/buhari-kicks-against-same-currency-for-west-africa-by-2020/

Good one my President.
We Nigerians with sane minds love you so much.
We know you will always make the best decisions for us as you take us to the land flowing with milk and honey!

Useless ani mal, can't he just get out of this world for us

I stand with the above statement, you can't hold the whole country to ransom and expect me to bless you. He's an an imal that doesn't mean well for the country, so let him d ie as one

With what does it want to kick? Those tiny legs, I guess??

Bring back our Good luck

OZAOEKPE:
Useless ani mal, can't he just get out of this world for us

So many children on this board. I doubt you understand the degree of the conversation.
This is beyond hate. Your problem is that you want to join the conversation without comprehending the content.

The mods need to do a better job at not taking certain threads to front page based on first page comments.


@post
This is a very good move.

If this move is approved, how will we ensure that certain countries like Zimbabwe [though not a West African country] don't mismanage the currency again? What will these other African countries offer that will help strengthen and suistain the "African currency"?

"Countries LIKE Zimbabwe", not that Zimbabwe is amongst the West African country for the ITKs.

I am not an economist but this might be a good move from Buhari because most of this ECOWAS nation don't have a strong economy like Nigeria if we are joining with countries of higher GDP than us now maybe yes but Nigeria South Africa and Egypt still have the largest economy in Africa, we they run into economic crisis then we might have to bail them out. Just like Greece and most other EU nation and that called for BREXIT. Why put head for wetin no pay us the 3 major tribe in 9ja never live peacefully finish na to dey join hand spend same currency for west Africa, I beg make ECOWAS park well

Based on the experience of the EU, I think PMB made the right decision.
The economy of the west African countries are really terrible

I have never been in support of one currency for the West African Sub region but with Buhari saying same I might need to have a rethink because he always goes for the bad decisions 100 percent of the time

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union."

- Which currency would be adopted in the first instance? Naira or Cedis

Which kain president b dis naw

Who is kicking? Buhari ati Jubril

Europe has Euro, Africa having same currency will save us from dollars yanga, Buhari won't be president by 2020, so he can kick as much as he likes

i can bet my ball bulharry no understand wetin he read out

AlienRobot:
With what does it want to kick? Those tiny legs, I guess??
Bring back our Good luck

Take your BadLuck totally please.

OZAOEKPE:
Useless ani mal, can't he just get out of this world for us

Dude why are you so pained

OP, stop lying. Baba get energy to 'kick'?

You wan make he go back UK by force sha.

na wa oo

Nice one

Very good

First u kicked against corruption yet corruption grew worse, now u want to kick this? Pls, if you must kick something.....help us KICK THE BUCKET !!!

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They don't even know maybe Jesus may come b4 2020

Nice suggestion

What does he know. As long as it's Buhari , I'm not in support.. He never agree to any good cause

No gree o, abeg. Which west African countries have stable economies that we want to use one currency? One currency ko, one corner ni

Good

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OZAOEKPE:
Useless ani mal, can't he just get out of this world for us

Childish rants. Your father must be disappointed in how unruly you turned out. Sad!

OZAOEKPE:
Useless ani mal, can't he just get out of this world for us

Your called your president an animal?!
Lala, you see what you just caused?
Why not allow me?!

Oh, it's Mynd.... I know it can only be him!
Alright sha!!
I will let it pass once again!!!