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ECOWAS Adopts ECO As Name Of Single Currency - Business (8) - Nairaland

Nairaland Forum / Nairaland / General / Business / ECOWAS Adopts ECO As Name Of Single Currency (36918 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 chronnister(m): 4:07pm On Jun 30
lapo:
Why not WAS?
As in e tire me

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by NnamdiN: 7:05pm On Jun 30
Princedapace:
west africa, the poorest and most under developed region in the world.
I think we're still better than east Africans
Re: ECOWAS Adopts ECO As Name Of Single Currency by Amuocha: 7:12pm On Jun 30
Amazing
Re: ECOWAS Adopts ECO As Name Of Single Currency by tsdarkside(m): 8:07pm On Jun 30
franchasng:
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

you can join those moroons already now....use sniper....why wait....??

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by felixroyal(m): 8:21pm On Jun 30
Abeg I pray make this eco get strength against dollar so that I go convert all my money to dollar and wait for 4-5 years and reap my investment
Re: ECOWAS Adopts ECO As Name Of Single Currency by haryomikun(m): 11:27pm 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.
Won't like what news? Dey there.

They know we'll fvck the currency up with useless inflation like Africans always fvck everything else up.

Besides its Gadaffi not Kadaffi. Dey read sometimes na. This is a public forum please

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by haryomikun(m): 11:35pm 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?
It will... Then it'll eventually recede against other currencies. Abi no be Africa?

The answer doesn't lie in a strong exchange rate. It's about positive terms of trade against other countries outside of the Ecowas. What they're creating is a Political Union, one of the key steps to achieving free trade in the West African region.

If corruption doesn't cease to exist and West Africa doesn't make key development, even if the ECO currency has a strong exchange rate at first, we'll see a repeat of the Nigerian economical development since the 1980s and it's currency, the naira.

4 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by cactusland(m): 1:03am On Jul 01
Abkreizi:


Did you study Economics in secondary school. ....even with the whole of west Africa i see a greek crisis coming up
And Naija be the Greece of ECOWAS
Re: ECOWAS Adopts ECO As Name Of Single Currency by Bejusttoall: 1:06am On Jul 01
End time prophecy being fulfilled.. Prepare for eternity. Jesus is the only way to God
Re: ECOWAS Adopts ECO As Name Of Single Currency by undisputedgbola(m): 1:11am On Jul 01
blackseed:
Good move for Africa.
West Africa you mean to say.
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:22am On Jul 01
NnamdiN:
I think we're still better than east Africans

not true
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:26am On Jul 01
fairhope:
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.

you have said it all

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:28am On Jul 01
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 have said it all
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:31am On Jul 01
Just30:
Ghana currency is not pegged
market conditions determine the value of the currency. That is why it is valuable than the naira
a currency that depreciated 500 % plus in 10 years cannot be better than the NGN in real terms

from about 1 cedi to 1 usd in 2008/9 to almost.5.5 today in 2019

and you guys still have mouth to talk cheesy

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:36am On Jul 01
Yyeske:
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

true sha

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 1:40am On Jul 01
InvertedHammer:

/
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.
/

African countries are not as productive as it should be

That us why the currency is weak

nothing more

3 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by tsdarkside(m): 3:24am On Jul 01
Bejusttoall:
End time prophecy being fulfilled.. Prepare for eternity. Jesus is the only way to God

shvt the fvck up with your white man nailed to a piece of wood....!!

tell that moroon if he dares come back we will nail am to a bicycle....!! angry angry

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by tsdarkside(m): 3:34am On Jul 01
Ugosample:


true sha

forget ghanaians....very useless and annoyin people....i meet some of them in europe....

i cant stand their guts....i would love to punch each and every of them in the face....!!

2 Likes

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 5:28am On Jul 01
vaxx:
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.

What are going on about?
Exactly what part of “Nigeria will NOT be ready” was too difficult to understand?! shocked
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 5:34am On Jul 01
haryomikun:

It will... Then it'll eventually recede against other currencies. Abi no be Africa?

The answer doesn't lie in a strong exchange rate. It's about positive terms of trade against other countries outside of the Ecowas. What they're creating is a Political Union, one of the key steps to achieving free trade in the West African region.

If corruption doesn't cease to exist and West Africa doesn't make key development, even if the ECO currency has a strong exchange rate at first, we'll see a repeat of the Nigerian economical development since the 1980s and it's currency, the naira.

What’s this obsession with exchange rates? shocked
A common currency has little to do with rates but primarily to do with facilitating internal trade.
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 5:36am On Jul 01
Ugosample:

African countries are not as productive as it should be

That us why the currency is weak

nothing more

Kuwait has the world’s “strongest” currency but produces very little...
>

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 5:54am On Jul 01
fairhope:
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.

“Sovereignty” carved out by a bunch of white dudes in a Berlin conference room? cheesy

The Yoruba in SW Nigeria have more in common with the Yoruba in Benin Republic than with the Tiv or Kanuri in Nigeria. The Hausa up north have more in common with their kin in Niger Republic than with the Ibo or Ibibio in Nigeria. It is quicker to get from Ogun State to several parts of Benin Republic than to Benin City, and from Lagos to Lomé in about half the time it takes to get from Lagos to Lafia. We can elect to either remain PRISONERS of our tortured and checkered past or assume CONTROL over our collective futures. The choice is stark!
>

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 6:15am On Jul 01
InvertedHammer:
/
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.
/

The Premise:

1) Import-dependent economy;
2) Political/Economic instability;

The Catalyst:

3) Oil-price crash;
4) Less dollars available;

The Result:

5) More/same Naira chasing less dollars;
6) Exchange rate crash.

Not rocket science really! wink
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 6:23am On Jul 01
9jaRealist:


What are going on about?
Exactly what part of “Nigeria will NOT be ready” was too difficult to understand?! shocked
>
2020 is just by the corner. Nigeria will not be ready shouldn't be too difficult for you not to comprehend. And which of my input is incorrect to you this time.
Re: ECOWAS Adopts ECO As Name Of Single Currency by InvertedHammer: 6:25am On Jul 01
9jaRealist:


The Premise:

1) Import-dependent economy;
2) Political/Economic instability;

The Catalyst:

3) Oil-price crash;
4) Less dollars available;

The Result:

5) More/same Naira chasing less dollars;
6) Exchange rate crash.

Not rocket science really! wink
>
/
Everything you mentioned didn't start in 2015.
Oil hit $25 in 2016 and has been in recovery to $75 in 2019. In 2018-2019, there has been no correlated recovery in naira. So it can't be oil price.

By the way, I requested no textbook explanations bc that's what they use to hoodwink African leaders like Mr. Buhari.

/
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 6:29am On Jul 01
InvertedHammer:
/
Everything you mentioned didn't start in 2015.
Oil hit $25 in 2016 and has been in recovery to $75 in 2019. In 2018-2019, there has been no correlated recovery in naira. So it can't be oil price.

By the way, I requested no textbook explanations bc that's what they use to hoodwink African leaders like Mr. Buhari.

/

The Naira fell all the way to N520/$1 before oil prices started to recover and reserves started re-accruing...
Of course, the Premise pre-dated 2015. Often, a catastrophic illness is usually a result of years of unhealthy habits/lifestyle.
>

1 Like

Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 6:38am On Jul 01
vaxx:
2020 is just by the corner. Nigeria will not be ready shouldn't be too difficult for you not to comprehend. And which of my input is incorrect to you this time.

Are you sure you are OK? shocked
Or perhaps it’s just me who finds the English language to be pretty simple to comprehend. SMH

9jaRealist:

I don’t think Nigeria will meet the convergence (admittance) criteria by next year...
>
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.
>
9jaRealist:

Exactly! That’s what I have reiterated all along...
Nigeria will almost certainly NOT be ready by next year.
>
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by chrisagyei: 6:59am On Jul 01
Ugosample:

a currency that depreciated 500 % plus in 10 years cannot be better than the NGN in real terms

from about 1 cedi to 1 usd in 2008/9 to almost.5.5 today in 2019

and you guys still have mouth to talk cheesy
you see how funny you guys are.Your naira was 1 naira to a dollar in 1985-90 and deprecated more than 5000% percent to 97 naira to dollars in 1997.Let's see,in 2008,about ten years ago,the naira was 117 to a dollar and now in 2019,400 naira -1dollar.Calculate the percentage increase since 2008.That's over 10,000% increase.

Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 7:55am On Jul 01
9jaRealist:


Are you sure you are OK? shocked
Or perhaps it’s just me who finds the English language to be pretty simple to comprehend. SMH




>
so you technically wrong with your reasoning initially when you were identify my statement as incorrect. Interesting. grin
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 8:00am On Jul 01
vaxx:
so you technically wrong with your reasoning initially when you were identify my statement as incorrect. Interesting. grin

First, those posts were mostly (if not all) BEFORE yours..
Thus, NOT “technically wrong” with anything. You just have a problem understanding basic English. Cheers.
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 8:03am On Jul 01
vaxx:
so you technically wrong with your reasoning initially when you were identify my statement as incorrect. Interesting. grin

Meanwhile, the only limited thing I flagged as “incorrect” was your FACTUAL misstatement about Nigeria’s fiscal deficit...
>
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 8:19am On Jul 01
9jaRealist:


Meanwhile, the only limited thing I flagged as “incorrect” was your FACTUAL misstatement about Nigeria’s fiscal deficit...
>
Lol. But that is the policy binding eco currency implementation. Which Nigeria currently does not meet. You are only stating Nigeria domestic law was to be blame for that as it does not encouraged it to meet the law. Which i later let you know it is the reasons behind the current mess in Nigeria.

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