PRESIDENT BUHARI URGES CAUTION ON ECOWAS COMMON CURRENCY
President Muhammadu Buhari on Tuesday cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states complied with agreed processes of reaching the collective goal.
President Buhari also expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with Eco ahead of the rest of Member States.
The President delivered Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).
The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda.
‘‘Your Excellencies, you all are familiar with the history of the Eco thus far, so I will not bore you with that. We reverted to a single track approach, giving up Eco which is the original idea of the WAMZ so the ECOWAS-wide programme could thrive.
‘‘In this regard, we have made remarkable progress including the adoption of the Exchange Rate regime, the name and model of the common Central Bank and the symbol.
‘‘We have urged our Ministers towards an expeditious path to success. It, therefore, gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the Member States.
‘‘This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
‘‘I am informed that the French Ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA Member States, have already passed legislations in their various Parliaments to that effect.
‘‘It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion,’’ he said.
President Buhari, who assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and take a common position to safeguard the West African Monetary Zone from the pitfalls of a questionable union.
He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.
According to the President, Nigeria also believes that given the potential contractions and even losses from the global Covid-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.
‘‘We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.
‘‘We need to be clear and unequivocal about our position regarding this process. We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.
‘‘My dear colleagues, Heads of State and Government, It is obvious that we are at a crossroads.
‘‘We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,’’ he said.
In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.
Femi Adesina Special Adviser to the President (Media & Publicity) June 23, 2020
jacksonkennedy: what are you talking about? The currency swap deal was done in 2018. We didn't hear about it before 2018. Can you please show me any evidence that gej initiated it? The screenshot you posted only emphasized my point that it was done in 2018. Show me any article on the deal when gej was in power. You hateful elements keep shooting yourselves in the foot
They will never hate those killing and bombing everywhere up North and the Fulani's maiming people down south but chose to hate an innocent tribe going about their businesses and succeeding. God will never forgive all this hateful people sha
ProfAmaben: If the Euro can work in Europe, I don't see any reason why Ecowas can't work. On what basis do these superpowers rate their currencies? How can Latvia and Hungary that possess no resources have a higher currency than Congo with all the resources. What makes the USD much higher than others? What of GBP? I hope this works out.
The Euro is not working in Europe. It has imposed a state of permanent poverty on the southern countries (Spain, Portugal, Greece, Italy). Nigeria must NOT go down this route. We have nothing to gain and everything to loose. We should be looking to promote self sufficiency and infrastructure development within our country.
Read between the lines.. GEJ started Currency Swap, Treasury Single Account etc. close to the end of his first term hoping to continue in his second term which never happened. PMB revisited those policies simple!
show me an evidence that gej started it ogbeni. An article from a reputable newspaper
Too much undue influence from Europe on these francophone countries. Let’s chill. If they go ahead to adopt the currency without full independence from France, that’s their problem. We shouldn’t shackle our economies as well.
flokii: If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.
France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness. The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.
God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.
Which previous administration did currency swap deal? Or is Buhari's first term no longer part of his administration? Maybe it's Abba Kyari's administration. Nonsense and ingredients!
jacksonkennedy: don't bother with him dear...he is gone. The fact that he boldly claimed that gej did the currency swap deal with China (which was done in 2018 btw) shows you the type of person you want to argue with
I was surprised when I saw that!
Since two people have said same thing about him, seems he is not worth it engaging with him. Thanks dear.
flokii: If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.
France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness. The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.
God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.
Can I call u my self? I will load 5k airtime and speak with u! I want u to defend Buhari soundly on call or physical communication!
I want u to justify why u called Buhari intelligent! If we could meet, that would be fine, but if we cant meet, we can still do virtual meeting and discuss like matured adults or we can do voice call. whichever one, pls, do not decline. I want to tell u why Buhari is not fine and intelligent and why those who are against him are not saboteurs.
I can also see that u are already calling some people 'silly'. Prove me wrong, be a man or a woman who can reason logically without insult. I want to challenge u logically.
Mad ooh see challenge!!!! pls I will like to be a live witness of this challenge u guys should include me ooh
ProfAmaben: If the Euro can work in Europe, I don't see any reason why Ecowas can't work. On what basis do these superpowers rate their currencies? How can Latvia and Hungary that possess no resources have a higher currency than Congo with all the resources. What makes the USD much higher than others? What of GBP? I hope this works out.
why USD,GBP and Euro is higher than Africa currencies is that their productivity level is higher than most African countries if not all .Compare their export to import ratio with African countries you will see the huge gap . Africa is more of a consuming continent than producing continent. That is one of the reasons why our currencies does not have much value .
The Euro is not working in Europe. It has imposed a state of permanent poverty on the southern countries (Spain, Portugal, Greece, Italy). Nigeria must NOT go down this route. We have nothing to gain and everything to loose. We should be looking to promote self sufficiency and infrastructure development within our country.
I am wary of other nations influence on the currency If to say south Africa go join na, no problem
Why do you call them traitors? There obviously isn't any unity amongst african countries, otherwise they shouldnt have been debating the issue of Eco for this long.
Europe came up with Euro easily, africans dragged theirs with no iota of progress. The francophones wanted progress and United to make the move other countries kept debating. I applaud them for their decision, and no, they're no traitors, they're just telling other to wake up and make a move.
Why do you call them traitors? There obviously isn't any unity amongst african countries, otherwise they shouldnt have been debating the issue of Eco for this long.
Europe came up with Euro easily, africans dragged theirs with no iota of progress. The francophones wanted progress and United to make the move other countries kept debating. I applaud them for their decision, and no, they're no traitors, they're just telling other to wake up and make a move.
Did you say progress? Collusion with colonial France in an attempt to sabotage & distablize African regional economy & keep us in shackles at the mercy of white colonial masters is progress to you? Nigeria nor any Ecowas nation will be use as dumping ground by the franc colonial masters. Never again. We are Africa. About time we make our own rules. We are done receiving handouts from the Alien invaders from across the Atlantic. Francophones are traitors & a disgrace to Africa sovereignty.
flokii: If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.
France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness. The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.
God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.
zombie allow the Igbo's go so you can marry dullard buhari.hopeless imp,because this is the only problem we have in Nigeria..lover of slavery..
ProfAmaben: If the Euro can work in Europe, I don't see any reason why Ecowas can't work. On what basis do these superpowers rate their currencies? How can Latvia and Hungary that possess no resources have a higher currency than Congo with all the resources. What makes the USD much higher than others? What of GBP? I hope this works out.
/ Euro was the brainchild of European nations. Eco is the brainchild of France, to be printed and domiciled in France. In other words, African nations are not human enough to develop their own fiscal and monetary policies. Can you define recolonization?
Can I call u my self? I will load 5k airtime and speak with u! I want u to defend Buhari soundly on call or physical communication!
I want u to justify why u called Buhari intelligent! If we could meet, that would be fine, but if we cant meet, we can still do virtual meeting and discuss like matured adults or we can do voice call. whichever one, pls, do not decline. I want to tell u why Buhari is not fine and intelligent and why those who are against him are not saboteurs.
I can also see that u are already calling some people 'silly'. Prove me wrong, be a man or a woman who can reason logically without insult. I want to challenge u logically.
My guy cool down and channel all those energy to luring voters to vote for leaders of substance and integrity that can take us (NIGERIANS) to where we ought to be in the next coming election. This current one na lost course :/ ! You can start from your guy you picking a argument with here.
My guy cool down and channel all those energy to luring voters to vote for leaders of substance and integrity that can take us (NIGERIANS) to where we ought to be in the next coming election. This current one na lost course :/ ! You can start from your guy you picking a argument with here.
Bro, i av been at election venues, bro, they rig elections. No good leader can ever win election in Nigeria. The only way forward is if we can change the constitution. The current one gives so much power to the FG, and INEC is at the mercy of FG and State govt during elections.
Bro, them dey write election results for naija! It is crazy! There is nothing u can do except certain things are corrected.
this last one, in day light, people were intimidated from voting! Ballot boxes were snatched, some people resisted and lost their lives! Nothing happened. Their families forgotten!
/ Euro was the brainchild of European nations. Eco is the brainchild of France, to be printed and domiciled in France. In other words, African nations are not human enough to develop their own fiscal and monetary policies. Can you define recolonization?
flokii: If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.
France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness. The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.
God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.
Footdragging when you ought to assume leadership isn't a sign of intelligence.
Under Buhari, Nigeria has refused to lead the way on key foreign policy goals like AfCFTA and the Eco West African regional currency thereby letting smaller countries like Ghana and the francophone nations to assume leadership.
Baba Go Slow has taken his Go Slow Snail Movement abroad and the rest of the countries are tired of waiting.
Bro, i av been at election venues, bro, they rig elections. No good leader can ever win election in Nigeria. The only way forward is if we can change the constitution. The current one gives so much power to the FG, and INEC is at the mercy of FG and State govt during elections.
Bro, them dey write election results for naija! It is crazy! There is nothing u can do except certain things are corrected.
this last one, in day light, people were intimidated from voting! Ballot boxes were snatched, some people resisted and lost their lives! Nothing happened. Their families forgotten!
Perhaps it happens in the past elections but it can't be our normal norm. The best we all can do is to take video and forward it, if things go south. Be safe!
PRESIDENT BUHARI URGES CAUTION ON ECOWAS COMMON CURRENCY
President Muhammadu Buhari on Tuesday cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states complied with agreed processes of reaching the collective goal.
President Buhari also expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with Eco ahead of the rest of Member States.
The President delivered Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).
The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda.
‘‘Your Excellencies, you all are familiar with the history of the Eco thus far, so I will not bore you with that. We reverted to a single track approach, giving up Eco which is the original idea of the WAMZ so the ECOWAS-wide programme could thrive.
‘‘In this regard, we have made remarkable progress including the adoption of the Exchange Rate regime, the name and model of the common Central Bank and the symbol.
‘‘We have urged our Ministers towards an expeditious path to success. It, therefore, gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the Member States.
‘‘This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
‘‘I am informed that the French Ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA Member States, have already passed legislations in their various Parliaments to that effect.
‘‘It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion,’’ he said.
President Buhari, who assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and take a common position to safeguard the West African Monetary Zone from the pitfalls of a questionable union.
He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.
According to the President, Nigeria also believes that given the potential contractions and even losses from the global Covid-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.
‘‘We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.
‘‘We need to be clear and unequivocal about our position regarding this process. We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.
‘‘My dear colleagues, Heads of State and Government, It is obvious that we are at a crossroads.
‘‘We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,’’ he said.
In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.
Femi Adesina Special Adviser to the President (Media & Publicity) June 23, 2020
Wow! So, some of these people just make comments and leave or they already buried their conscience! I am too real to ever fake or work with a politician. We will fight becus I cant pretend!
I hail those who work with politicians. Them dey try!
I wish the guy will accept my challenge. Buhari that for the first time in many decades, soldiers are speaking out against the incompetency of this regime without minding that they could be killed. Some of these soldiers are not even from the so called 5%
How can people sleep with their heart at rest knowing fully well that they lie and their lie is killing people. The rate of poverty in this country. The rate people come to inbox to beg for money! It is crazy for any human to tag Buhari as intelligent. I cant employ Buhari to work for me. I know the guy whom I quoted can not even trust Buhari with his company!
Wow! So, some of these people just make comments and leave or they already buried their conscience! I am too real to ever fake or work with a politician. We will fight becus I cant pretend!
I hail those who work with politicians. Them dey try!
I wish the guy will accept my challenge. Buhari that for the first time in many decades, soldiers are speaking out against the incompetency of this regime without minding that they could be killed. Some of these soldiers are not even from the so called 5%
How can people sleep with their heart at rest knowing fully well that they lie and their lie is killing people. The rate of poverty in this country. The rate people come to inbox to beg for money! It is crazy for any human to tag Buhari as intelligent. I cant employ Buhari to work for me. I know the guy whom I quoted can not even trust Buhari with his company!
bros no vex wit d guy. abeg i fit get MTN Subscription from u as na freemode i dey tak read nairaland. God bless u in Advance
PRESIDENT BUHARI URGES CAUTION ON ECOWAS COMMON CURRENCY
President Muhammadu Buhari on Tuesday cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states complied with agreed processes of reaching the collective goal.
President Buhari also expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with Eco ahead of the rest of Member States.
The President delivered Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).
The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda.
‘‘Your Excellencies, you all are familiar with the history of the Eco thus far, so I will not bore you with that. We reverted to a single track approach, giving up Eco which is the original idea of the WAMZ so the ECOWAS-wide programme could thrive.
‘‘In this regard, we have made remarkable progress including the adoption of the Exchange Rate regime, the name and model of the common Central Bank and the symbol.
‘‘We have urged our Ministers towards an expeditious path to success. It, therefore, gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the Member States.
‘‘This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
‘‘I am informed that the French Ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA Member States, have already passed legislations in their various Parliaments to that effect.
‘‘It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion,’’ he said.
President Buhari, who assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and take a common position to safeguard the West African Monetary Zone from the pitfalls of a questionable union.
He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.
According to the President, Nigeria also believes that given the potential contractions and even losses from the global Covid-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.
‘‘We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.
‘‘We need to be clear and unequivocal about our position regarding this process. We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.
‘‘My dear colleagues, Heads of State and Government, It is obvious that we are at a crossroads.
‘‘We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,’’ he said.
In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.
Femi Adesina Special Adviser to the President (Media & Publicity) June 23, 2020
Some section of your government in Ghana with title Nigerian Embassy was tampered and your not doing anything. Even to follow American step to treat such type of case, by demanding of repatriating the perpetrators to face the crime they committed against Nigerian soil in Ghana. you jump it and talking about single ECOWAS currency when your effort to move the region forward is not recognize by member of the nation's in the region. if i may ask when did Nigerian government became this kind of coward? Is it because Buhari is ruling ours or that nothing as Nigeria in the hearts of our leaders. If is issue that concern Biafra/Amotekun or El-zaki Zaki the president will muster force and all the media company will have expert opinion writers. But a slap to Nigeria face by Ghana and we are over looking it. If Ghana can tampered a building inside Nigerian Embassy and get away with it, it means the life of a Nigerian including the ambassador living in Ghana is the same value with weak animal living in jungle. there's something a government that value the her nation cannot over look, he the president should have address the nation regarding the next action to take against Ghana for tampering a building within her embassy whether it tampered by individual or not what Nigerian government should be concern is that it tampered by Ghana, and if Ghana government want to continue relationship with Nigeria then they have to hand over the actor to Nigerian government to treat the Bleep up, that's only way the government of Ghana can exonerate her self from the crime not by telling Nigeria on phone that they are looking into it to know the cause. whatever that cause it should not be Nigeria government concern but demand that the actor should be hand to Nigeria. Tampering and embassy is a slap to entire country. and Nigerian president have time to talk about single currency that doesn't effect Nigerian at this time. address the nation regard slap to Nigeria by Ghana if your a living truth leader.
flokii: If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.
France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness. The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.
God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.
You don talk well you come use rubbish finish am. Are you an economist or at least you have idea about how forex runs?
France never for once liked the idea of a 'United Nigeria' cos of the power it pulls in the West African sub-region which obviously reduces their influence ,so they(France) through these francophone nations want to stall the single currency actualisation for as long as possible for their selfish interest, Nigeria ( chief anglophone nation) realising their plot is fighting really hard to bypass their influence. Now Nigeria is treading with caution cos if they 'foolishly' sign the agreement their country would be a dumping ground for goods mainly because of it's huge consumer market thereby limiting the manufacturing abilities of it's domestic industries.
Nope, you don't understand, France is not stalling the establishment of Eco, France wants to establish it first for the francophone countries, which means other African countries will only join under their(France's) conditions, this means they will have the right to print, distribute and even dictate the value of Eco aligning it with Euro, same power they have over CFA franc (daylight robbery) and Nigeria will never agree to such, so it's either Ecowas speeds up and takes full authority over ECO or Nigeria will not join...it's as simple as that.
