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ECOWAS Adopts ECO As A Single Currency - Politics (4) - Nairaland

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Re: ECOWAS Adopts ECO As A Single Currency by OkpaNsukkaisBae(m): 8:40pm On Jul 02, 2019
Okoroawusa:

I think it will benefit Nigeria the more because majority of its users would be Nigerians n most goods bought with it would be Nigerian goods or goods brought into the region by Nigerians.

My question is-- how or why did France allow this to happen?


What do want France to do?

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by DameB(f): 8:41pm On Jul 02, 2019
Kkshanana90:


The Naira would be replaced by ECO. Just as Germany replaced Deutsche Mark with Euro.

U Dominit? We will change naira? I kuku don taya for am, devaluation and inflation don blast am
Re: ECOWAS Adopts ECO As A Single Currency by AdolfHitlerxXx: 8:41pm On Jul 02, 2019
abiolamitodun:

is this what ur trying to say?
that those countries with lower currencies will make our naira aswell drop?

Britain kept their Pound when the Euro currency idea was being floated.

Economies of countries like Italy and Greece didn't help the Euro. E.U. had to be bailing them out endlessly.

I can bet you, na we Nigeria that would do 99% of the bailouts

2 Likes

Re: ECOWAS Adopts ECO As A Single Currency by TAO11(f): 8:43pm On Jul 02, 2019
Activist001:
Doesn't look cool to me tongue

I swear.

"WAS" would have been more sensible.
Re: ECOWAS Adopts ECO As A Single Currency by Nobody: 8:44pm On Jul 02, 2019
Ugosample:


This is a bad move

but many cannot see it

It will only be a bad move if the macroeconomic conditionalities are not met by the respective countries.

More so, we need to encourage more trade amongst the member states.

Adopting a single currency within an economic block always has its disadvantages. But on this, the merits will outweigh the demerits in the long-run.

When the Euro was introduced, most Germans considered it a bad move. What do we have today? Today’s reality shows otherwise.
Re: ECOWAS Adopts ECO As A Single Currency by abiolamitodun(m): 8:45pm On Jul 02, 2019
AdolfHitlerxXx:


Britain kept their Pound when the Euro currency idea was being floated.

Economies of countries like Italy and Greece didn't help the Euro. E.U. had to be bailing them out endlessly.

I can bet you, na we Nigeria that would do 99% of the bailouts
NW I get it from ur own angle...
how's this eco currency going to affect dollar pounds and euro...I trying to figure out if it will curb this this politicians from stealing our money out of Africa..
hope u get my question?..
Re: ECOWAS Adopts ECO As A Single Currency by fakaza2019: 8:48pm On Jul 02, 2019
they should come out with better ideas biko

ruga is an intensedebate right now
Re: ECOWAS Adopts ECO As A Single Currency by Nobody: 8:49pm On Jul 02, 2019
DameB:


U Dominit? We will change naira? I kuku don taya for am, devaluation and inflation don blast am

Sadly, Nigeria is the biggest economy in the sub-regional organization. Our domestic macroeconomic dynamics will always influence the value of the potential sub-regional currency-the ECO.

We just wish the conditionality would be met. That way, you’ll have cause to rejoice. Otherwise, time will tell.
Re: ECOWAS Adopts ECO As A Single Currency by Offpoint: 8:50pm On Jul 02, 2019
datigbogirl:
Wanna copy Euro why not call it Afro? Which one be Eco? Eco ko Eko hotels ni... angry
grin Afro na hairstyle naw, dem for call am Afric.
Eco ko Eco bank nigrin

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by GMbuharii: 8:50pm On Jul 02, 2019
grin
Re: ECOWAS Adopts ECO As A Single Currency by AdolfHitlerxXx: 8:51pm On Jul 02, 2019
abiolamitodun:

NW I get it from ur own angle...
how's this eco currency going to affect dollar pounds and euro...I trying to figure out if it will curb this this politicians from stealing our money out of Africa..
hope u get my question?..

I have worked in 2 Francophone countries before.

I was with an international organisation so i had the choice of being paid in USD or CFA.

I chose USD. End of the month, i normally might expect let's say 150k minimum...but some months the CFA would be getting battered to the extent that i would receive 180k. 30k extra i didn't plan for.

Believe me, within the first 3 years we would be remembering the Naira with fondness

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by AdolfHitlerxXx: 8:52pm On Jul 02, 2019
GMbuharii:

Shattap and allow educated people do the talking,thank you

grin

IPork spotted. Go to your sty.
Re: ECOWAS Adopts ECO As A Single Currency by DameB(f): 8:54pm On Jul 02, 2019
Kkshanana90:


Sadly, Nigeria is the biggest economy in the sub-regional organization. Our domestic macroeconomic dynamics will always influence the value of the potential sub-regional currency-the ECO.

We just wish the conditionality would be met. That way, you’ll have cause to rejoice. Otherwise, time will tell.

Now this is sad on so many levels
Re: ECOWAS Adopts ECO As A Single Currency by DameB(f): 8:56pm On Jul 02, 2019
AdolfHitlerxXx:


I have worked in 2 Francophone countries before.

I was with an international organisation so i had the choice of being paid in USD or CFA.

I chose USD. End of the month, i normally might expect let's say 150k minimum...but some months the CFA would be getting battered to the extent that i would receive 180k. 30k extra i didn't plan for.

Believe me, within the first 3 years we would be remembering the Naira with fondness

Wow, that's not good o
Re: ECOWAS Adopts ECO As A Single Currency by DameB(f): 8:59pm On Jul 02, 2019
abiolamitodun:

NW I get it from ur own angle...
how's this eco currency going to affect dollar pounds and euro...I trying to figure out if it will curb this this politicians from stealing our money out of Africa..
hope u get my question?..

Can anything stop our politicians from stealing money? Unless the penalty for stealing public funds is execution and there is absolutely no immunity for anyone even the president. Then you will have politicians rejecting positions like Peter before the cock crowed and running FROM office instead of FOR office.
That way if you know say money na your weakness you no go join politics
Re: ECOWAS Adopts ECO As A Single Currency by Inteltower: 9:04pm On Jul 02, 2019
in the distant near future European Union, ECOWAS, other blocs that will be having one currency will push for all of them to have one currency in the world

China is already taking lead in perfecting payment method by thumbprint & eye scan

beware & be warned.
# end time
Re: ECOWAS Adopts ECO As A Single Currency by Nobody: 9:06pm On Jul 02, 2019
Ugosample:


This is a bad move

but many cannot see it
finally I see your comment and I know sense is here!
Nigeria will become a dumping ground for goods from its neighbours since there will be total disappearance if exchange rate,which is what Is stopping most of them from flooding this market with their commodities and perhaps,services.
Make we dey see sha.

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by goldust777: 9:07pm On Jul 02, 2019
I don't believe it till it happens Africa always have African time for any program from January 2020 they can postpone it to 2030 due to logistics and Fulani herdsmen attack grin
Re: ECOWAS Adopts ECO As A Single Currency by urahara(m): 9:10pm On Jul 02, 2019
Halo22:
My question on this is, whether the currency will take over our local naira? If yes, then it's a welcome development cos our naira is as useless as the letter G in gmelina.

Lool, shit don't work that way.

Liberia uses u.s dollars but that doesn't affect their standard of living.
Re: ECOWAS Adopts ECO As A Single Currency by MiddleDimension: 9:11pm On Jul 02, 2019
datigbogirl:
Wanna copy Euro why not call it Afro? Which one be Eco? Eco ko Eko hotels ni... angry

Afro would mean pan Africa. but this is a west african thing. there is also a talk about an Afro by the AU

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by Ugosample(m): 9:11pm On Jul 02, 2019
Kkshanana90:


It will only be a bad move if the macroeconomic conditionalities are not met by the respective countries.

More so, we need to encourage more trade amongst the member states.

Adopting a single currency within an economic block always has its disadvantages. But on this, the merits will outweigh the demerits in the long-run.

When the Euro was introduced, most Germans considered it a bad move. What do we have today? Today’s reality shows otherwise.

in 2019 the euro is stil a bad move

Greece got into trouble
Italy got into hot water
Portugal in a big mess
Spain on life support

They are called the "PIGS" for a reason

They are just managing the situation
because the northern States are still solvent bailing them out

You think Nigeria can bail anyone out? cheesy

2 Likes

Re: ECOWAS Adopts ECO As A Single Currency by MiddleDimension: 9:24pm On Jul 02, 2019
Karatum:


Euro is not used in the whole of Europe

but you still can't call it Afro since all the countries are ECOWAS. if we had maybe a DRC, Tanzania, Namibia and maybe a Tunisia, then you can call it Afro
Re: ECOWAS Adopts ECO As A Single Currency by GMbuharii: 9:29pm On Jul 02, 2019
grin
Re: ECOWAS Adopts ECO As A Single Currency by Caleycash(m): 9:45pm On Jul 02, 2019
datigbogirl:
Wanna copy Euro why not call it Afro? Which one be Eco? Eco ko Eko hotels ni... angry
Note its not African Union, its West African countries

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by Okoroawusa: 9:50pm On Jul 02, 2019
OkpaNsukkaisBae:



What do want France to do?
France has held it francophone former colonies down economically n this might give them the currency n monetary policies independence they seriously need.


The idea of a single currency for ECOWAS has been there since the 90s n France has been at the fore front to shut it down.And now it's becoming a reality.


So what changed?... that is what is puzzling me
Re: ECOWAS Adopts ECO As A Single Currency by OkpaNsukkaisBae(m): 10:01pm On Jul 02, 2019
Okoroawusa:

France has held it francophone former colonies down economically n this might give them the currency n monetary policies independence they seriously need.


The idea of a single currency for ECOWAS has been there since the 90s n France has been at the fore front to shut it down.And now it's becoming a reality.


So what changed?... that is what is puzzling me






So how did France hold her former colonies economically? How did France shot it down?
Re: ECOWAS Adopts ECO As A Single Currency by jubrilELsudan: 10:10pm On Jul 02, 2019
It will make it easy now for women to ECO their kukunase.

5 Shares

Re: ECOWAS Adopts ECO As A Single Currency by Acidosis(m): 10:15pm On Jul 02, 2019
Do people actually believe this Eco thing? Na wa oo!! ECOWAS is not an economic union to start with. You guys should learn to do some research before you digest stories. The ECO currency would not work! It is merely an idea, same idea the initiators had some 40 years ago. ECO will remain an idea until its death.
Re: ECOWAS Adopts ECO As A Single Currency by Nobody: 10:43pm On Jul 02, 2019
Ugosample:


in 2019 the euro is stil a bad move

Greece got into trouble
Italy got into hot water
Portugal in a big mess
Spain on life support

They are called the "PIGS" for a reason

They are just managing the situation
because the northern States are still solvent bailing them out

You think Nigeria can bail anyone out? cheesy

Greece has always been in trouble since time immemorial. You can read more on the historical origin of Greece Sovereign Debt Crisis. Greece economy is even now relatively better!

Italy’s case is not the result of adopting the Euros. Italy’s demographic structure is getting worse. The country is experiencing aging population. This affects productivity. Yet it is the first point of arrival for refugees and asylum seekers in Europe. Refugees who remain in Italy mainly do illegal jobs yet they are being paid monthly stipends. They are therefore not being productive! In Germany, they are well utilized.

I can go on. Why didn’t you mention France, Austria, Belgium and the Netherlands? The problem is not the Euros, it is domestic policy failures!

1 Like

Re: ECOWAS Adopts ECO As A Single Currency by abiolamitodun(m): 10:55pm On Jul 02, 2019
DameB:


Can anything stop our politicians from stealing money? Unless the penalty for stealing public funds is execution and there is absolutely no immunity for anyone even the president. Then you will have politicians rejecting positions like Peter before the cock crowed and running FROM office instead of FOR office.
That way if you know say money na your weakness you no go join politics
hmm

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