n Monday, Mr. Essien Abel, the Director of Strategic Planning, ECOWAS Commission, announced that The Economic Community of West African States (ECOWAS) has set a 2020 deadline for the commencement of its single currency policy in the region.

“The 2020 vision seeks to create a borderless, peaceful, prosperous and cohesive region built on good governance. It will also give people the capacity to access and harness its enormous resources through the creation of opportunities for sustainable development and environmental preservation,” Essien said at a meeting on Strategic Planning Framework for 2016 – 2020 in Calabar, Nigeria.

“The 2016-2020 vision is specifically to ensure congruence of purpose and to ensure the effective mobilisation and utilisation of the region’s abundant resources and comparative advantage. It will also provide the general framework for advancing integration wok in the region and guiding national development planning process.’’

To accomplish the single currency goal, member countries are required to implement a number of measures including: Adoption of a market based exchange rate system, micro-economic convergence, removal of trade barriers, the factor of statistical harmonisation, putting in place a payment system infrastructure as well as other facilities that would promote the conduct of monetary policy within the zone.

Experts have been divided on the relevance and importance of the single currency to the economy. While some opined that Nigeria’s economy cannot support the single currency, others believe the best time to implement such a programme is now.

Head of ECOWAS National Unit, Ghana, Mr. Bonaventure Adjavor, believes that the currency will not be affected by the lack of a common language. “I do not see language as a barrier to single currency, the process to adopt the currency is ongoing and a new timetable has been set for 2020. He also said that the use of single currency would facilitate the movement of persons and communication in the West African sub region.

Advocates have argued that to actually achieve economic integration, the sub-region must be united under a single currency.


http://www.ventures-africa.com/2014/11/ecowas-set-2020-date-for-single-currency-launch/

wat wil b currency nd how are we sure

MRshazzy:
wat wil b currency nd how are we sure

I nominate Naira, because the Naira is generally very popular, and it is the strongest among West African countries.

I do not see this going anywhere.

Nigeria will not remove any barrier if not cheap imports from west African neighbours will flood Nigeria and spoil our economy.

Many econonies within the region are unstable. Ghana is having issues, Burkina Faso is having political problems too.

theSpark:
I do not see this going anywhere.

Nigeria will not remove any barrier if not cheap imports from west African neighbours will flood Nigeria and spoil our economy.

Many econonies within the region are unstable. Ghana is having issues, Burkina Faso is having political problems too.

Nigeria is also having security issues, Biko haram and all.

ducii:


I nominate Naira, because the Naira is generally very popular, and it is the strongest among West African countries.

Tweaaaaaaaaaaa who want to use naira. That piece shit currency.

JiggamanGh:


Tweaaaaaaaaaaa who want to use naira. That piece shit currency.

Pls don't come and spoil this thread ooo

I see that you have a Naija alert

ducii:


Pls don't come and spoil this thread ooo

I see that you have a Naija alert

I am just stating that I don't want to use the naira, is it a crime to offer my opinion.

Another stupid way for this poor countries to tie Nigeria into an unprofitable trade agreement

How is that even feasible with all the francophone countries still tied to France? And what standard is it going to be based on?


West Africa is the weakest region in Africa - stop the madness and focus on building the region before an inconsequential currency that won't even work.

+

Just like the Euro.... I see Cameroon boycotting this move.

SeverusSnape:
Just like the Euro.... I see Cameroon boycotting this move.

Cameroon is not ecowas

JiggamanGh:


Cameroon is not ecowas

Wow!...I never knew, I thought all west African countries were member states. Thanks for the correction.

SeverusSnape:

Wow!...I never knew, I thought all west African countries were member states. Thanks for the correction.

Cameroon is Central African not west African.

http://en.wikipedia.org/wiki/West_Africa

http://en.wikipedia.org/wiki/Central_Africa

osystein:


Cameroon is Central African not west African.

http://en.wikipedia.org/wiki/West_Africa

http://en.wikipedia.org/wiki/Central_Africa

damn!... I guess i need to take some classes on geography, Thanks for the links,very incisive, The closeness of Cameroon to Nigeria has always made me think it's a west African country. Thank you sir

JiggamanGh:


I am just stating that I don't want to use the naira, is it a crime to offer my opinion.

No it is not a crime, but maybe you would have nominated the Cedi instead.