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ECOWAS Adopts ECO As Name Of Single Currency - Business (7) - Nairaland

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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 vaxx: 10:05am On Jun 30
Ugosample:


Akuffo Addo indicate Ghana should go ahead without Nigeria cheesy grin
the same Addo and Ramaphosa that was in Abuja begging For Nigeria to sign AfTA cheesy grin

that is funny

Ghana is NOT strong as of yet to carry such burden of lose its monetary sovereignty, it is still fragile, like the rest of the countries, so Ghana should not deceive itself as of yet

We need ti work on ourselves for say 10 to 15 years before we even think of implementing this.


Ghana biggest trading partners are still outside the continent

Akuffo Addo should better think this through
Nigeria market size is enough to hamper trade growth among the sub region hence the presence of the above head goverment in Nigeria.

Nigeria economy prowess is still not realiable like that of Egypt and south Africa which already sign up to the trade . We are talking about the ability to buy and sell here..

Anyway unitary monetary zone is diffrent from regional market integration. Switzerland is not part of euro currency agreenment yet she is part of the regional trade. Even far away Australia.

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Snapchat: 10:10am On Jun 30
Parrot69:
No!! No!! angry Never. They’ll move us back to recession. Let ‘em stick to their deflated cédi.
Lol

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Horus(m): 10:13am On Jun 30

https://www.youtube.com/watch?v=brqF76CAv0U

ECOWAS Single Currency Set For Launch In 2020
Re: ECOWAS Adopts ECO As Name Of Single Currency by oluwasegun007(m): 10:14am On Jun 30
E sound like something wey Zimbabwe dollar go get value pass.. undecided

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 10:14am On Jun 30
vaxx:
Nigeria market size is enough to hamper trade growth among the sub region hence the presence of the above head goverment in Nigeria.

Nigeria economy prowess is still not realiable like that of Egypt and south Africa which already sign up to the trade . We are talking about the ability to buy and sell here..

Anyway unitary onetary zone is diffrent from regional market integration. Switzerland is not part of euro currency agreenment yet she is part of the regional trade. Even far away Australia.

Nigeria market size is enough to hamper trade growth
among the sub region hence the presence of the above head
goverment in Nigeria.

hamper trade growth?

interesting

as for the reliable part, the same could be says of Ghana as well...
their stand is not yet reliable as well...

its a problem we all have in the sub region, as we are the least developed in Africa

So when I see Ghanaians talk about how great their economy is it how I hear Nigerians talk about how the rest of the region cannot do without, I just laugh

cheesy cheesy

let us build ourselves grin
vaxx:
Nigeria market size is enough to hamper trade growth among the sub region hence the presence of the above head goverment in Nigeria.

Nigeria economy prowess is still not realiable like that of Egypt and south Africa which already sign up to the trade . We are talking about the ability to buy and sell here..

Anyway unitary onetary zone is diffrent from regional market integration. Switzerland is not part of euro currency agreenment yet she is part of the regional trade. Even far away Australia.

Nigeria market size is enough to hamper trade growth
among the sub region hence the presence of the above head
goverment in Nigeria.

hamper trade growth?

interesting

as for the reliable part, the same could be says of Ghana as well...
their stand is not yet reliable as well...

its a problem we all have in the sub region, as we are the least developed in Africa

So when I see Ghanaians talk about how great their economy is it how I hear Nigerians talk about how the rest of the region cannot do without, I just laugh

cheesy cheesy

let us build ourselves first
Re: ECOWAS Adopts ECO As Name Of Single Currency by okenwa101(m): 10:17am On Jun 30
lapo:
Why not WAS?

Better WAC. West African currency.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Abkreizi: 10:20am On Jun 30
Ugosample:
exactly

Bia nwokem this is the third post we are jamming oh...are you sure we arent destined to be bros
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 10:21am On Jun 30
9jaRealist:


You do realize that the communique was signed by ALL of the ECOWAS heads of government (including the CFA Zone members)?

Not sure why you presume to be speaking for them but I recall reading sometime ago (and frankly it’s a shame that history is not prioritized in Nigeria) that when the late Prof Adebayo Adedeji (the first and longest-serving Chief Executive of the United Nations Economic Commission for Africa, and a former Under-Secretary General of the UN) first proposed the setting up of ECOWAS, in his capacity then as Nigeria’s Economic Development Minister, it was met with strong opposition particularly from among the Francophone/CFA nations (with France reportedly describing it as a proposal for a “Greater Nigeria”). Ultimately, it took over 5 years of negotiations and dialogue to bring ECOWAS to fruition.

Accordingly, let’s all step back and view these pronouncements as a strong statement of intent, but ultimately it has to make sense for all of the parties involved (and one suspects there might even be a fair amount of compromise). Nonetheless, this was a BIG step forward.
>
personally, i love the idea anyway, i even envisaged it might cut across all the 54 africa state later. Just before the independence. All Anglophone countries of west Africa spends British west africa pound and it was pegged to the British pound. The idea was very fine then .But Nigeria as of today isn't ready. Nigeria have failed to meet the criteria of having a single digit inflation rate and a fiscal deficit of no more than four percent annually. . Only Ghana to me seems ready to float this idea.

4 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by selemo: 10:22am On Jun 30
Black men have started acquiring sense now! grin grin grin grin grin grin

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by walexy06: 10:30am On Jun 30
The only thing that is on my mind now is Price tag on all goods and services.
I hope this would help. We need to adopt the right monetary policy if this is to be favourable for the States. It would be worse if appropriate measures are not in place before the implementation of this.
#Economist
Re: ECOWAS Adopts ECO As Name Of Single Currency by AreaFada2: 10:30am On Jun 30
Good idea. But better not to rush it. Get the conditions right first.


$1 = 10 Eco will be a good rate.
Re: ECOWAS Adopts ECO As Name Of Single Currency by godwon01(m): 10:34am On Jun 30
Lanrextop23333:
Dead on arrival
My brother ,don't say that.Be positive. Let start saying good things to our sub region development.

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 10:35am On Jun 30
vaxx:
personally, i love the idea anyway, i even envisaged it might cut across all the 54 africa state later. Just before the independence. All Anglophone countries of west Africa spends British west africa pound and it was pegged to the British pound. The idea was very fine then .But Nigeria as of today isn't ready as of today. Nigeria have failed to meet the criteria of having a single digit inflation rate and a fiscal deficit of no more than four percent annually. Only Ghana to me seems ready to float this idea.

You’re preaching to the choir...
https://www.nairaland.com/5273246/ecowas-adopts-eco-name-single/2

9jaRealist:
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!
>

You are INCORRECT though with respect to the fiscal deficit...
Under Nigeria’s Fiscal Responsibility Act 2007, the government cannot have a fiscal deficit of more than 3% - and it hasn’t since 2007!
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by Kolping: 10:40am On Jun 30
One more step towards the one world economy.
First the EURO in Europe, now the ECO in West Africa.


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 the
meeting 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)


https://www.vanguardngr.com/2019/06/ecowas-adopts-eco-as-name-of-single-currency/
Re: ECOWAS Adopts ECO As Name Of Single Currency by chosengocap: 10:40am On Jun 30
ramdris:
So ECO to Dollar exchange rate will be?


1 EcoCoin = 0.143897 US Dollar (USD)
Date (today): 30. June 2019 09:30 AM (GMT)
Re: ECOWAS Adopts ECO As Name Of Single Currency by fairhope: 10:45am On Jun 30
What most people does'nt understand is that once you give up your currency because of regional integration you handed over your destinies to outsiders. IMF owns the naira because it dictates its value. Globilisation is a disaster for the third world, beware! Reclaim the naira and safeguard your fragile economy and sovereignity, NIGERIA.

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Litmus: 10:56am On Jun 30
When will Nigeria learn? Nothing good for Nigeria comes out of ECOWAS and Nigeria will never fulfill her potential if she abandons a Nigerian focussed development plan in favour of regional union/intergration with other West Africa or greater Africa states. The tiny hope ordinary Nigerians have left that tomorrow may bring better days will be subsumed by a future in which Nigerians will be sharing resources and space with bums from Ghana, Niger and Togo. What's more, Europe will once again become masters of Nigeria through their influence over the willing and slavish nations like Benin republic, Ghana, Gambia, Togo etc.

Jesus, Nigerians were even knocking heads together at the summit, trying to establish a West African fighting force in preparation to battle the Islamic terrorism creeping down from Mali and vast swards of the Sahel. Why can't we just let those other nations defend themselves ? Let them stew in Terrorism wahala for a couple of years and let us see if they will have mouth to be talking about Nigerians are kidnappers and thieves. Notice how Cameroonians have become less mouthy after just a few years of Bokoharam and Ambisonian rebels ...

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Just30: 11:17am On Jun 30
Parrot69:

No!! No!! angry
Never. They’ll move us back to recession.
Let ‘em stick to their deflated cédi.
the Cedi is more valuable than your naira so your rant is useless
Re: ECOWAS Adopts ECO As Name Of Single Currency by b03liberty(m): 11:19am On Jun 30
MrPresident1:
500 Eco to 1 USD

Slaves
baba werey grin
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 11:28am On Jun 30
9jaRealist:


You’re preaching to the choir...
https://www.nairaland.com/5273246/ecowas-adopts-eco-name-single/2



You are INCORRECT though with respect to the fiscal deficit...
Under Nigeria’s Fiscal Responsibility Act 2007, the government cannot have a fiscal deficit of more than 3% - and it hasn’t since 2007!
>
Again, Nigeria is not ready simple. You cant expect a country that operates a federal system of government, with each tier of government adopting its own fiscal policy without proper coordination or alignment and without caring about its systemic effect not to be warry of the effect. Nigeria system currently retards macroeconomic stability. It is reasonable for Nigeria to kick against it.maybe when the country is restructured as atiku wanted.
Re: ECOWAS Adopts ECO As Name Of Single Currency by SteelBlade(m): 11:50am On Jun 30
O' Lord, thy word is yea and amen. The scripture is about to be fulfilled. #Endtime
Re: ECOWAS Adopts ECO As Name Of Single Currency by ibietela2(m): 12:05pm On Jun 30
grandlexuz:


Not every country. Denmark, Swiss, Norway, Sweden,UK and a host of other European countries have national currencies.. Europe isn't administratively divided into Regional blocks. Much of Western, Northern and Central Europe appear to be one. Countries are mostly grouped according to their Economies and not regional position.

That said a unique currency for Africa will be too cumbersome. The more advanced nations of the North and RSA will be disadvantaged. If the ECO comes into place in 2020 (which I doubt) it will be nice to see the CFA (colonialistic currency) phased out.

Alright,
I know other countries in Europe use their own currency
Re: ECOWAS Adopts ECO As Name Of Single Currency by acenazt: 1:04pm On Jun 30
MrPresident1:
500 Eco to 1 USD

Slaves
elaborate on th Word slaves here my Good Man

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by dhareh: 1:17pm On Jun 30
ibietela2:
Why not a single currency with the whole of Africa? I don't know if in Europe east, west, south has its own currency different from the euros

It’s one step at a time
Re: ECOWAS Adopts ECO As Name Of Single Currency by gbishman: 1:40pm On Jun 30
This is very good news
Re: ECOWAS Adopts ECO As Name Of Single Currency by sonnie10: 1:43pm On Jun 30
Litmus:
When will Nigeria learn? Nothing good for Nigeria comes out of ECOWAS and Nigeria will never fulfill her potential if she abandons a Nigerian focussed development plan in favour of regional union/intergration with other West Africa or greater Africa states. The tiny hope ordinary Nigerians have left that tomorrow may bring better days will be subsumed by a future in which Nigerians will be sharing resources and space with bums from Ghana, Niger and Togo. What's more, Europe will once again become masters of Nigeria through their influence over the willing and slavish nations like Benin republic, Ghana, Gambia, Togo etc.

Jesus, Nigerians were even knocking heads together at the summit, trying to establish a West African fighting force in preparation to battle the Islamic terrorism creeping down from Mali and vast swards of the Sahel. Why can't we just let those other nations defend themselves ? Let them stew in Terrorism wahala for a couple of years and let us see if they will have mouth to be talking about Nigerians are kidnappers and thieves. Notice how Cameroonians have become less mouthy after just a few years of Bokoharam and Ambisonian rebels ...
You finished talk here. He that has ears let him hear. This is not to best interest of Nigeria

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Just30: 1:55pm On Jun 30
Ugosample:


If Ghana and Nigeria knows what is good for themselves

they better boycott that currency

Ghana is playing an experiment with the IMF and the cedi is dancing shoki

Will Ghana be able to do that if there is a single currency?

Akuffo Addo that short man better use his sense
Ghana currency is not pegged
market conditions determine the value of the currency. That is why it is valuable than the naira
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 2:50pm On Jun 30
Just30:
Ghana currency is not pegged
market conditions determine the value of the currency. That is why it is valuable than the naira

the last time I checked, I did not compare the cedi to any currency

I only stated what is on ground undecided
Re: ECOWAS Adopts ECO As Name Of Single Currency by Cadec007(m): 3:32pm On Jun 30
edeXede:
embarassed

Will this have any positive economic impact in Nigeria?
yes for one.. Our external debts would be affected....... It would be reduced, depending on the exchange rate..
Re: ECOWAS Adopts ECO As Name Of Single Currency by Yyeske(m): 3:38pm On Jun 30
Just30:
Ghana currency is not pegged
market conditions determine the value of the currency. That is why it is valuable than the naira
That Ghana redenominated her currency doesn't make it more valuable, it is the productivity of the economy and what back the currency that matters.
Years back,over 9,000 cedis gets a US dollar before 4 zeroes were removed and it became 90 pesewas to a dollar but has depreciated to about 6 cedis to a dollar today. If it wasn't for that move years back, a dollar would've been over 60,000 cedis today.

If Nigeria decides to remove 3 zeroes from the naira today, it means 36 kobo to a dollar compared to your 6 cedis (600 pesewas). Which of the two is more valuable going by your assertion.
The South Korean Won is over 1,000 won to a dollar, Japanese yen, over a hundred to a dollar, can you please explain if the Ghanaian economy is stronger than theirs, Kuwaiti dinar is about 1 to about 3-4 dollars, does it make the Kuwaiti economy stronger than that of the US?

Nigeria shouldn't just join in this trashy union because we will end up subsidising those weak countries

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by InvertedHammer: 3:44pm 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?
/
Africa as a whole is still a colony.

They have no bargaining power. The values of the currency are being determined by the West. Go back in history. The Whites believe they are better than other races and act as such politically and economically. That's why your government officials run to Chattam House to give report to the masters in times of serious political upheaval. Independence is only a word.

Can anyone explain what caused naira to dive from N190 to N360 per dollar? Forget textbook explanations.
/

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by chronnister(m): 3:57pm On Jun 30
I hope Nigeria sticks with Naira. Why name it ECO sef? What signifies west Africa in ECO? WAS sef with be a better name. Let's sha stick with naira and improve our currency

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