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ECOWAS Adopts ECO As Name Of Single Currency - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / ECOWAS Adopts ECO As Name Of Single Currency (36915 Views)

ECOWAS Adopts ECO As Name Of Single Currency,elects Niger President As New Chair / ECOWAS Seeks Proposals For Single Currency Logo, Name / ECOWAS Launches Regional Contest For New Currency’s Name And Icon (2) (3) (4)

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Re: ECOWAS Adopts ECO As Name Of Single Currency by pat077: 7:10am On Jun 30
I don't think ecowas is ready for this.

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by kanubiafra: 7:11am On Jun 30
i'm sure nigeria will convince them to draw cows on it and use arabic words on it too just watch out and see
Re: ECOWAS Adopts ECO As Name Of Single Currency by freshaboki: 7:11am On Jun 30
Year 2035.....

Igbo man Just bought a new car.

Igbo man A: "Checkout my new baby"
Igbo man B: "Nwanne! This is so on point"
Igbo man A: "You can say that again. I bought it direct Belgium"
Igbo man B: "How much did it cost?"
Igbo man A: "everything including clearing is 3.5m ego"

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by lapo(m): 7:14am On Jun 30
Why not WAS?

2 Likes 1 Share

Re: ECOWAS Adopts ECO As Name Of Single Currency by Abkreizi: 7:14am On Jun 30
ibietela2:


No i didn't, please teach me

Lol..... I can't start here nah......

Just Google the Greek crisis.....
Re: ECOWAS Adopts ECO As Name Of Single Currency by jaxxy(m): 7:15am On Jun 30
They need to weigh the pros and cons b4 they do copycat. If it’s not going to be a huge advantage to all parties concerned let’s just forget it.

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by franchasng(m): 7:15am On Jun 30
Thank goodness it will be implemented in 2090, by that time I have gallantly signed out of this world to continue flexing my life at the other end of the world with Isaac Newton, Faraday and Albert Einstein my men wink


Ndi Ara West Africa angry

4 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by olalekan1(m): 7:17am On Jun 30
Focusmind:
Will ECO survive? Monetary union is based on strong economic fundamentals of member union. Certain things needs to be in place before implementation.
Things like sound micro economics, fiscal discipline in member states, huge export potentials in member states, political stability and peace.

All these are lacking in ECOWAS. Nigeria economy which should be about 60% of the sub-regional economy is not doing well and can't support itself talk more of supporting fragile economy of member state the same way Germany is the pillar of EURO and supporting fragile member states like Greece and others with huge debt.

The burden of ECO will be much on Nigeria and our export potential apart from oil is negligible. This will make ECO exchange with measure hard currencies to be worthless. More over, not everybody should be admitted into ECO. Requirements for admission must be set and those who meet the conditions will be admitted the same way EUROPEAN union set targets for membership admission. You must meet certain fiscal and economic and political criteria. These are to ensure stability and survival of the single currency. Ecowas should first study the European union.

With your English, you think you know better than the ECOWAS committee. I doubt if you know since when they have been on this.

4 Likes 1 Share

Re: ECOWAS Adopts ECO As Name Of Single Currency by emeijeh(m): 7:17am On Jun 30
Wiseandtrue:
End time things undecided

Yea, one world currency loading

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Youngzedd(m): 7:17am On Jun 30
WAS would have been better.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Abkreizi: 7:18am On Jun 30
martineverest:
use Ur head

How should he use his head
Re: ECOWAS Adopts ECO As Name Of Single Currency by Obatise: 7:18am On Jun 30
tactius:


and how would Ghaddafi been backing up the currency?

With oil, whose price is not stable?

Forex and other things better explained when read on
Re: ECOWAS Adopts ECO As Name Of Single Currency by mu2sa2: 7:18am On Jun 30
Decolonel:
New world order is gradually becoming a reality. A system where the world uses one currency.

Repent oo. The end is here.
You do first and tell us what exactly you repented from.
Re: ECOWAS Adopts ECO As Name Of Single Currency by SEGLIZ: 7:19am On Jun 30
9jayes:
ECO BANK comes to mind.


If you wants to convert ur funds( Btc, Pm, fiverr, upwork, PayPal) to ECO or Naira see my signature.

you be 19.
currency wey dem never launch you don dey change ham.
chairman I hail o.

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by SonsOfLiverpool(m): 7:20am On Jun 30
ramdris:
So ECO to Dollar exchange rate will be?
Exchange rate has no real significance (it’s just numbers). Buying power (Economic power) is what you should focus on.

7 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Manchester00: 7:21am On Jun 30
exangel007:
Abuja – The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.The leaders at their 55th Ordinary Session in Abuja endorsed the name while congratulating the Ministerial Committee on the Single Currency for the considerable progress recorded in the implementation of the revised roadmap.Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, the Authority instructed the ECOWAS Commission to work in collaboration with West African Monetary Agency.The leaders also instructed the commission to work with West African Monetary Institute and the central banks to accelerate the implementation of the revised roadmap with regard to the symbol of the single currency.The Authority also directed the commission and the central banks to accelerate the operation of the Special Fund for financing of programmes in the revised Roadmap for the ECOWAS Single Currency Programme.“It further directs the commission to ensure implementation of the recommendations of themeeting of the ministerial committee held in Abidjan on June 17 and June 18 as well as preparation and implementation of the Communication Strategy for the single currency programme.“The Authority takes note of the 2018 macroeconomic convergence report. It noted the worsening of the macroeconomic convergence and urges member states to do more to improve on their performance in view of the imminent deadline.”Furthermore, the ECOWAS Chairman President Issoufou Mahamadou said the revised roadmap still stipulated that the single currency would be issued in Jan. 2020.“We have not changed that but we will continue with assessment between now and then.“We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”He also said that there was “a real firm political will” for the region to hastily achieve the single currency. (NAN)

Good
Re: ECOWAS Adopts ECO As Name Of Single Currency by Sleekfun: 7:21am On Jun 30
3$ = 1 ECO
Re: ECOWAS Adopts ECO As Name Of Single Currency by SEGLIZ: 7:22am On Jun 30
Decolonel:
New world order is gradually becoming a reality. A system where the world uses one currency.

Repent oo. The end is here.

and some would say the Bible is mere story book.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Nukilia: 7:23am On Jun 30
prekumohtim:
The death of Naira in an attempt to be like the Europeans ; Denmark and British realise it and walked away from the deal
Naira is dead already! Check the exchange rate to other currencies in the world. 1Eco -1usd will make West Africans happy! Enough of the printing of naira for politicians

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by plavic(m): 7:23am On Jun 30
prekumohtim:
The death of Naira in an attempt to be like the Europeans ; Denmark and British realise it and walked away from the deal

Naira itself is dying. This deal is profitable to Nigeria.
Re: ECOWAS Adopts ECO As Name Of Single Currency by beloxxi(m): 7:23am On Jun 30
Re: ECOWAS Adopts ECO As Name Of Single Currency by Nobody: 7:23am On Jun 30
Obatise:


Forex and other things better explained when read on
I'm not opposed to a United African currency, but most African states are so poor that at the end of the day, the stronger states would be the ones spending money on the weaker states.

Plus, strong economies produce industrial stuff which keeps their currencies strong. Most African countries are like Ghana which exported 2bn dollars worth of cocoa some years ago. One European company bought part of that cocoa and made products worth 17bn.

Ghaddafi whom you all admire, his economy was based on oil. If oil had dried up in Libya when he was in power, his economy would have gone down to zero.

Africa needs to be a producer, not a consumer. Then we can talk about single currency

8 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Nukilia: 7:23am On Jun 30
emeijeh:


Yea, one world currency loading

Stop the delusion
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 7:24am On Jun 30
Focusmind:
Will ECO survive? Monetary union is based on strong economic fundamentals of member union. Certain things needs to be in place before implementation.
Things like sound micro economics, fiscal discipline in member states, huge export potentials in member states, political stability and peace.

All these are lacking in ECOWAS. Nigeria economy which should be about 60% of the sub-regional economy is not doing well and can't support itself talk more of supporting fragile economy of member state the same way Germany is the pillar of EURO and supporting fragile member states like Greece and others with huge debt.

The burden of ECO will be much on Nigeria and our export potential apart from oil is negligible. This will make ECO exchange with measure hard currencies to be worthless. More over, not everybody should be admitted into ECO. Requirements for admission must be set and those who meet the conditions will be admitted the same way EUROPEAN union set targets for membership admission. You must meet certain fiscal and economic and political criteria. These are to ensure stability and survival of the single currency. Ecowas should first study the European union.

We have been working on this common currency for almost 20 years now...

The two biggest issues have been (1) economic convergence and (2) the CFA Zone (which has its own central bank). To address these, the West African Monetary Zone was set up in 2000, which had the West African Anglophone nations (Nigeria, Ghana, Liberia, Sierra Leone, and Gambia) as well as Guinea (which is Francophone, but does not use the CFA) as the 6 members. Thereafter West African Monetary Institute was set up in 2001, to bring the WAMZ and CFA members under one umbrella to work out the technical details for a common currency.

The WAMI ultimately settled on a convergence criteria (which was ultimately settled at 10 different economic indices). However, meeting the criteria has been the devil in the detail for most ECOWAS nations (for example, Nigeria has failed to meet the criteria of single-digit inflation and tax revenues of at least 30% of GDP, among others). Nonetheless, to move the process along, the current proposal is for the 6 WAMZ countries to start accepting each other’s currency as a first step towards the integration of the Zone’s payment system. Jury is still out!
>

13 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by PETCOKE(f): 7:24am On Jun 30
.please can someone break down the terms for me...I don't understand
Re: ECOWAS Adopts ECO As Name Of Single Currency by Efegoma: 7:27am On Jun 30
Please and please again Change all your Naira to Dollars or Euro before Jan. 2020. The Death of the naira was just announced.
Re: ECOWAS Adopts ECO As Name Of Single Currency by deCleF(m): 7:27am On Jun 30
Watin concern me

Re: ECOWAS Adopts ECO As Name Of Single Currency by Dgr8hassiE(m): 7:27am On Jun 30
Good one from Economic community of west african states a.k.a. ECOWAS.



Contact me for all your foreigh exchange.
Namely: $ € £ ¥ and ECO.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Princedapace(m): 7:31am On Jun 30
west africa, the poorest and most under developed region in the world.
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 7:33am On Jun 30
>
ECOWAS has been working on this common currency for almost 20 years now...

The two biggest issues have been (1) economic convergence and (2) the CFA Zone (which has its own central bank). To address these, the West African Monetary Zone was set up in 2000, which had the West African Anglophone nations (Nigeria, Ghana, Liberia, Sierra Leone, and Gambia) as well as Guinea (which is Francophone, but does not use the CFA) as the 6 members. Thereafter West African Monetary Institute was set up in 2001, to bring the WAMZ and CFA members under one umbrella to work out the technical details for a common currency.

The WAMI ultimately settled on a convergence criteria (which was ultimately settled at 10 different economic indices). However, meeting the criteria has been the devil in the detail for most ECOWAS nations (for example, Nigeria has failed to meet the criteria of single-digit inflation and tax revenues of at least 30% of GDP, among others). Nonetheless, to move the process along, the current proposal is for the 6 WAMZ countries to start accepting each other’s currency as a first step towards the integration of the Zone’s payment system. Jury is still out!
>

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Esseite: 7:35am On Jun 30
Kingzd:
ECO ECO

This may be a great move anyway.

I just pray it can just swallow dollars so that man pikin can buy stuffs from USA at a very cheaper rate.

I ECO. = $0.5 ����

And then the death of the ECO begins again..

1 Like 1 Share

Re: ECOWAS Adopts ECO As Name Of Single Currency by harley88(m): 7:37am On Jun 30
bluefilm:
Copy cats.

Nonsense. angry

Your post is the nonsense....

1 Like

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