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ECO Currency: Nigeria Objects To Breach By Francophone Nations by AJ10(m): 4:29pm On Jun 23, 2020 |
Nigeria has raised objections to alleged
breach of agreements on the single
currency programme for West African
countries by the French-speaking elements
of the Economic Community of West
African States (ECOWAS).
Raising the objections on Tuesday,
President Muhammadu Buhari, who aired
Nigeria’s position on the development also
cautioned that the ambition for Eco regional
currency could be in ‘serious jeopardy,’
unless member states complied with
agreed processes of reaching the collective
goal.
President Buhari delivered Nigeria’s position
on the new regional currency at a virtual
extraordinary meeting of the Authority of
Heads of State and Government of the West
African Monetary Zone (WAMZ).
According to a state by his Special Adviser
on Media and Publicity, Mr Femi Adesina,
President Buhari also expressed concerns
over the decision of francophone countries
that form the West African Economic and
Monetary Union (UEMOA) to replace the
CFA Franc with Eco ahead of the rest of
Member States.
The meeting discussed the implementation
of the ECOWAS Monetary Cooperation
Programme (EMCP) and the ECOWAS
Single Currency Agenda.
‘‘Your Excellencies, you all are familiar with
the history of the Eco thus far, so I will not
bore you with that. We reverted to a single
track approach, giving up Eco which is the
original idea of the WAMZ so the ECOWAS-
wide programme could thrive.
‘‘In this regard, we have made remarkable
progress including the adoption of the
Exchange Rate regime, the name and model
of the common Central Bank and the
symbol.
‘‘We have urged our Ministers towards an
expeditious path to success. It, therefore,
gives me an uneasy feeling that the UEMOA
Zone now wishes to take up the Eco in
replacement for its CFA Franc ahead of the
rest of the Member States.
‘‘This is in addition to deviating from the
Community Act on a consistent attainment
of convergence in the three years running
up to the introduction of the currency, and
our subsequent reinforcing directives.
‘‘I am informed that the French Ministers
have approved a bill to reform the CFA
Franc and most, if not all of the UEMOA
Member States, have already passed
legislations in their various Parliaments to
that effect.
‘‘It is a matter of concern that a people with
whom we wish to go into a union are taking
these major steps without trusting us for
discussion,’’ he said.
Buhari, who assured ECOWAS leaders of
Nigeria’s commitment to the ECOWAS
single currency, urged them to critically
consider the recommendations made by the
Convergence Council and take a common
position to safeguard the West African
Monetary Zone from the pitfalls of a
questionable union.
He affirmed Nigeria’s support for a
monetary union with the right fundamentals,
which guarantees credibility, sustainability
and overall regional prosperity and
sovereignty.
According to the President, Nigeria also
believes that given the potential
contractions and even losses from the
global Covid-19 pandemic, member states
cannot but be too cautious about ensuring
compliance with the set standards.
‘‘We cannot ridicule ourselves by entering a
union to disintegrate, potentially no sooner
than we enter into it.
‘‘We need to be clear and unequivocal about
our position regarding this process. We
must also communicate same to the
outside world effectively. We have all
staked so much in this project to leave
things to mere expediencies and
convenience.
‘‘My dear colleagues, Heads of State and
Government, It is obvious that we are at a
crossroads.
‘‘We must proceed with caution and comply
with the agreed process of reaching our
collective goal while treating each other
with utmost respect. Without these, our
ambitions for a strategic Monetary Union as
an ECOWAS bloc could very well be in
serious jeopardy,’’ he said.
In the light of the caution raised by Nigeria
and some other West African countries at
the meeting, ECOWAS leaders resolved to
convene an enlarged meeting of the
regional bloc on the single currency issue. 2 Likes
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Re: ECO Currency: Nigeria Objects To Breach By Francophone Nations by longetivity(m): 4:33pm On Jun 23, 2020 |
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(1) (Reply)
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