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

Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint

@Post

Hmmm, let's see how that goes. Hopefully having a single currency will turn out to be a plus rather than a negative.

A lot of people have been clamoring for this for a long time. Good to know that it's coming to fruition.

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.

I will voice my opinion when it starts

Ok

IS DAT WHAT THEY LEARNT FROM THE EURO?

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.

Really? Lets wait and see..

Don't like the idea of a single currency base on the euro experience.

Can't wait, guess it will make sense

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!

Okay

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

;DEnd time things.......

Noted. Next!

So nobody's gonna say anything about end time Only reasonable comments

We give upppp

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.

End time is coming I dey see danger soon d whole world will use 1 currency

One world government at hand, like it or hate it.

I think this is a bad omen..

Wuked.P:
;DEnd time things.......

no be by force to post

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.

Mk I comment my reserve til 2015

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.

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?

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.

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.

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.

Dead On Arrival