Countries within the West African sub-region will be able to use a single currency from January 2020

The currency which is called ECO was adopted by the Authority of ECOWAS Heads of State and Government on Saturday in Nigeria’s capital Abuja.

The West African leaders endorsed the currency at their 55th Ordinary Session and approved a road map towards the currency’s issuance in January 2020.

There roadmap is to ensure that all member countries meet three primary criteria for the adoption of the currency.

The criteria for adoption includes member countries having a budget deficit of not more than 3%; average annual inflation of less than 10% with a long-term goal of not more than 5% by 2019.


Member countries were also expected to have gross reserves that can finance at least three months of imports.

The other convergence criteria that have been adopted by ECOWAS are public debt or Gross Domestic Product of not more than 70%.

There is also the issue of central banks financing budget deficit not more than 10% of previous year’s tax revenue, and nominal exchange rate variation of plus or minus 10%.

A communiqué by Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, Mustapha Suleiman said that the regional leaders instructed the ECOWAS Commission to work in collaboration with West African Monetary Agency.


The commission is also expected to work with West African Monetary Institute and all central banks to settle on a symbol for the single currency.

Meanwhile, the ECOWAS Chairman President Issoufou Mahamadou said that the revised roadmap does not affect the date for the issuance of the single currency in January 2020.

He said “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 added.

ECOWAS was set up in 1975 and has a combined population of 385 million.


It comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Eight of these countries use one currency called the CFA franc. Those are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.

The decision to adopt one currency is similar to that of the European Union to adopt a single currency called Euro.

https://www.pulse.ng/bi/finance/ecowas-finally-adopts-eco-as-a-single-currency/dmfx7bt

Ok

Finally, these dudes has Africa under their Badge!

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Doesn't look cool to me

Great.

The sleeping giant will rise one day.


I miss Ghadaffi!

Dead on arrival

We are tired of seeing this news on FP

.

And the Nigerian president agreed to all those critea listed?....something he hasn't achieved in 4years, he wants to achieve in 6months? How?....we wait and watch.

It not a news again we have already heard about it before

Who them go draw for the currency

Nigeria, whose oil-dependent economy accounts for two-thirds of the region's GDP, would likely dominate a future monetary zone and has so far been sceptical about its benefits.

Economists compare the "Nigeria factor" to Germany's dominance in the eurozone, questioning whether sometimes disparate economies with varying levels of debt and deficits can successfully share the same currency.

The multi-year eurozone debt crisis, was proof that single currencies -- when badly implemented -- can have a catastrophic economic impact.

West African single currency should not necessarily be the top priority.

[color=#006600][/color] view on this : You should first improve the implementation of existing ECOWAS trading agreements, then improve the physical infrastructure,
The third more pressing issue would be the ability to trade in every country's native currency, without using a third currency like euro or dollars.

fashrola:
This suya seller go school oo

Smh!
Anyways, you have been noticed!!

Wanna copy Euro why not call it Afro? Which one be Eco? Eco ko Eko hotels ni...

Are you guys thinking what I'm thinking in this development.

Will the value/exchange rate be the same across these countries?

Sounds like a great news to me.

What will happen to money market, TB and FG bond investors.

So many questions on my mind.... Economists come in and help

They should avoid using any Nigerian head or pic for the currency

Ok

Good, at least our currency will have value now.

What's the implication for Nigeria?

ECO
EKO HOTEL AND SUITES

amaheart:
Dead on arrival

Chai!

How do you cope with life generally?

Ecolarg

ECO ko

Ok

Currency called Eco, which kine bad luck be this wan

Please don't compare organised European countries to these herdsmen countries
Wasn't it ECOWAS that created a corridor for cattle and terrorist...
It can only work for Nigeria if this nation are very productive but would Francophone country ties to
France allow for a fair play?
If not for irresponsible and lack of leadership Nigeria should have been flooding these countries with refined
petroleum production etc

DameB:
What's the implication for Nigeria?

Mostly in our advantage. On the whole, it is great for the sub-regional organization. Anything that is good for ECOWAS is especially good for Nigeria.

It’ll also ensure monetary independence for the French-Speaking ECOWAS member states if they adopt the currency.