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ECOWAS Adopts ECO As Name Of Single Currency - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / ECOWAS Adopts ECO As Name Of Single Currency (36916 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 9jaRealist: 7:38am On Jun 30
Gabriel411:
I don't like this name, I don't support they use ECO. The name already exist, they selling digital currency. Can this guys be creative for Gods sake.

“ECO” was the name proposed for the common currency way back in 2000 when WAMZ/WAMI were set up...It’s not a new name!
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by Dgr8hassiE(m): 7:40am On Jun 30
ECO to Dollar exchange rate will be?

Till my brother.
But you can still Buy and sell your foreigh currency for us.
Re: ECOWAS Adopts ECO As Name Of Single Currency by lavenjcrown(m): 7:41am On Jun 30
I guess they are beefing with naira Marley. Maybe they don't want the naira to sound like a weed smoker.

2 Likes 1 Share

Re: ECOWAS Adopts ECO As Name Of Single Currency by onatisi(m): 7:42am On Jun 30
i think the best way to go about this is to use some countries to start the process maybe ghana ,togo or any other country but not my nigeria , i beg . and to see how the process works out . i dont think many countries in the region and even nigeria inclusive will be ready to drop their national currencies , it isnt even in their plans , because if it is then they would have been sensitizing the public about it
9jaRealist:
>
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!
>

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 7:42am 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

The British were never part of the common currency (the Eurozone)...
And now they have filed their divorce papers, they don’t seem in a hurry to leave the Union. cheesy
>

1 Like 1 Share

Re: ECOWAS Adopts ECO As Name Of Single Currency by martineverest(m): 7:42am On Jun 30
Abkreizi:


How should he use his head
by keeping B4 commenting....
Re: ECOWAS Adopts ECO As Name Of Single Currency by silifat11(m): 7:43am On Jun 30
Ecobank congrats hahaha
Re: ECOWAS Adopts ECO As Name Of Single Currency by Malocity(m): 7:44am On Jun 30
end time.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Heman7(m): 7:44am On Jun 30
Signs of end time ����
Re: ECOWAS Adopts ECO As Name Of Single Currency by aisammy4: 7:44am On Jun 30
Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

I support your statement. People are being unnecessarily pessimistic on anything new that is introduced. I wonder why people will just reject it when it has not been tried.

In Europe, Euro is generally acceptable. Britain used pound sterling and this did not affect the value of pound. And as we all know value for pound is higher than Euro. Using Euro did not reduce the value for pound sterling in Europe.

Coming to West Africa, there is nothing wrong if we introduce Eco as a single currency. It will rather help us to relate more, carryout business transactions with ease, develop and strengthen economic status of the region. It will also minimise or reduce the use of dollars in our transaction dealings.

We should encourage our own because if we dont we will continue to help west develop their economy while ours rot.

10 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 7:44am On Jun 30
BB9ja007:
Those it mean by next year we will stop using naira ? If so dat means our past leaders will no longer be in our currency

I don’t think Nigeria will meet the convergence (admittance) criteria by next year...
>

5 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by mmsen: 7:47am On Jun 30
edeXede:
embarassed

Will this have any positive economic impact in Nigeria?

Easier transactions within ECOWAS.

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by chrischike(m): 7:49am On Jun 30
aaronson:
I'm glad we starting to evolve. This is the course Kadaffi was fighting for until the US thwarted him to kill the idea.

Obviously the US wouldn't like the news.

God bless you man.. never knew intelligent people still exist on this platform
The US made that man look like a tyrant

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by IamCharles123: 7:52am 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
Abeg make the naira die, it has no value
Re: ECOWAS Adopts ECO As Name Of Single Currency by SendAbroad: 7:52am On Jun 30
Ghana must go bags of Eco
Re: ECOWAS Adopts ECO As Name Of Single Currency by lomprico(m): 7:52am 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

E go pay us! Naira is one of the weakest currency in ecowas
Re: ECOWAS Adopts ECO As Name Of Single Currency by Boyooosa(m): 7:54am 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
But naira is nothing to write home about na, even as as at date...
Re: ECOWAS Adopts ECO As Name Of Single Currency by Deoboss(m): 7:55am On Jun 30
If well implemented & monitored very well without any form of corruption then it is the best thing to happen to Africa. $1 = 6 Cedis i heard.

Even if $1 may be equal to 100 Eco then we are better off than the #360 (naira) we have now


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 ����
Re: ECOWAS Adopts ECO As Name Of Single Currency by aisammy4: 7:56am 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.

I'm amazed that we have not even understand that the world has been using single currency all this while. It is not new abeg.

Dont forget that there is no place you go in this world, even China that u cannot exchange dollars. Not just Dollars oh, Pound sterling, Euro, Dutch, Chinese Yen etc can all be used for transactions anywhere across the globe. That translate to mean they are world currency. But take naira note to China if u will find it easy to exchange?

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by MrBONE2(m): 7:56am 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.

1ECO = $45 Thanks

WHat about RAND grin
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ferdinandu(m): 7:57am On Jun 30
Africans and stupidity in their copycat the component states are all have wobbling currency and economy and they are rushing to integrate. I wonder what is going to happen in few years of the said currency. Greek was a crisis. Ecowas will be calamity
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 7:57am On Jun 30
BB9ja007:
Those it mean by next year we will stop using naira ? If so dat means our past leaders will no longer be in our currency
onatisi:
i think the best way to go about this is to use some countries to start the process maybe ghana ,togo or any other country but not my nigeria , i beg . and to see how the process works out . i dont think many countries in the region and even nigeria inclusive will be ready to drop their national currencies , it isnt even in their plans , because if it is then they would have been sensitizing the public about it

For better or for worse, I don’t think Nigeria will meet the convergence/admittance criteria by next year...

It would be rather awkward to have the biggest economy outside of the common currency, and thus the “fudge” is to essentially phase in the common currency, with WAMZ nations (including Nigeria) accepting each other’s currency probably starting this year (2019) as a first step towards integrating the Zone’s payment systems (of course the CFA Zone is already integrated), but this will NOT be a cake-walk at all.
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by Osefonria: 7:58am On Jun 30
I predicted that the currency will be named "Eco" and friends doubted me.
Re: ECOWAS Adopts ECO As Name Of Single Currency by onatisi(m): 7:59am On Jun 30
it seems the eco will not be use as local tender but just when moving to another west african country , or am i wrong ?
9jaRealist:



For better or for worse, I don’t think Nigeria will meet the convergence/admittance criteria by next year...

It would be rather awkward to have the biggest economy outside of the common currency, and thus the “fudge” is to essentially phase in the common currency, with WAMZ nations (including Nigeria) accepting each other’s currency probably starting this year (2019) as a first step towards integrating the Zone’s payment systems (of course the CFA Zone is already integrated), but this will NOT be a cake-walk at all.
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 8:00am On Jun 30
aisammy4:

I'm amazed that we have not even understand that the world has been using single currency all this while. It is not new abeg.

Dont forget that there is no place you go in this world, even China that u cannot exchange dollars. Not just Dollars oh, Pound sterling, Euro, Dutch, Chinese Yen etc can all be used for transactions anywhere across the globe. That translate to mean they are world currency. But take naira note to China if u will find it easy to exchange?

Sadly, when our parents were young, one could exchange the Naira on the high street in London (and perhaps New York, but not sure)...
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by MrBONE2(m): 8:01am 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 ����

IT would have been better if


1 ECO = $371 grin

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by kingaruoture(m): 8:04am On Jun 30
The WORLD is actually coming to an END. PLEASE repent. One currency in Euro, now in West Africa. Hmmmmm

Re: ECOWAS Adopts ECO As Name Of Single Currency by Fourwinds: 8:07am 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.
you have said it all.. African leaders are very foolish except few.... They just talk any how as if achievement is by talking
Re: ECOWAS Adopts ECO As Name Of Single Currency by Daverytimes(m): 8:07am 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
How is that working out for them?
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 8:07am On Jun 30
onatisi:
it seems the eco will not be use as local tender but just when moving to another west african country , or am i wrong ?

I believe it will be local legal tender (though one proposal is start in WAMZ and then ‘merge’ with CFA)...
But limiting it to intra-community trade (at least at the outset) could be a more sensible route to proceed.
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 8:08am 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.
so far , only Ghana meet the requirement .The idea will not be actualize by 2020. Nigeria, the main pillar of ecowas economy is yet to get it right.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Parablesonmarble: 8:08am On Jun 30
Gabriel411:
I don't like this name, I don't support they use ECO. The name already exist, they selling digital currency. Can this guys be creative for Gods sake.

I think WAFRO would be a better suggestion. ECO is from Economic Community Of, which is kind of a general thing. WAFRO would be from West Africa which is more indicative of the concerned region. But what do I know? Aside that, I wish someone would enlighten me on the benefit of this kind of deal for Nigeria in view of Britain pulling out of a saner Euro. I feel kind of uneasy with Morocco encroachment on the region.

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