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Nairaland Forum / Nairaland / General / Business / ECOWAS Adopts ECO As Name Of Single Currency (44030 Views)
ECOWAS Set To Unveil Single Currency ECO / ECOWAS Adopts ECO As Name Of Single Currency,elects Niger President As New Chair / ECOWAS Seeks Proposals For Single Currency Logo, Name (2) (3) (4)
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Re: ECOWAS Adopts ECO As Name Of Single Currency by tobyemmanuel(m): 8:51am On Jun 30, 2019 |
Focusmind:You spoke my mind. It can't work well here at all. |
Re: ECOWAS Adopts ECO As Name Of Single Currency by ibietela2(m): 8:53am On Jun 30, 2019 |
alexvatt: That was an unfortunate incident, but surely it won't be delayed, i thought he wanted to use GOLD? But how did Europe use Euro and the US didn't destroy them? Anyway they are now partners in Evil |
Re: ECOWAS Adopts ECO As Name Of Single Currency by ibietela2(m): 8:53am On Jun 30, 2019 |
Abkreizi: Thanks |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 8:53am On Jun 30, 2019 |
Focusmind: thank God someone sees what I'm seeing |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Nobody: 8:58am On Jun 30, 2019 |
This won't change anything we have to improve our economy first see currencies like the Japanese yen that have small value but still the Japanese economy is one of the best with one of the highest gdps in the world let us improve first and it will all be good before we would now start crying like Britain for a brexit 3 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Nobody: 8:59am On Jun 30, 2019 |
ibietela2:Europe will turn the whole of America to a hole in the ground when Germany is there they wan open their nonsense mouth who born them 2 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 9:01am On Jun 30, 2019 |
vaxx: 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. > 4 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 9:02am On Jun 30, 2019 |
tactius: you have spoken well 2 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 9:03am On Jun 30, 2019 |
Ausrichie: The common currency proposal has NOTHING to do with exchange rates... The PRIMARY purpose of a common currency is to facilitate/increase trade/business within the union. > |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Nobody: 9:09am On Jun 30, 2019 |
9jaRealist:Wetin we get to trade self please me I no dey current like that |
Re: ECOWAS Adopts ECO As Name Of Single Currency by 9jaRealist: 9:10am On Jun 30, 2019 |
tactius: Yet again, feel compelled to preface this with the caveat that I am NOT a fan of monetary unions... But the highlighted will persist until African nations starting trading more with each other - and a common currency could provide an impetus. > 2 Likes 1 Share |
Re: ECOWAS Adopts ECO As Name Of Single Currency by WarHorse1(m): 9:11am On Jun 30, 2019 |
I would have preferred "WAS" to "ECO". ECO derived from Economic. Nothing related to west Africa. Euro derived from European. 10WAS instead of 10ECO 3 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Parrot69: 9:14am On Jun 30, 2019 |
Snapchat:No!! No!! Never. They’ll move us back to recession. Let ‘em stick to their deflated cédi. 3 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Benekruku(m): 9:15am On Jun 30, 2019 |
prekumohtim: Like our currency is that strong When XFA and Rand are Naira's senior brother. We are not in cartegory of countries to opt out |
Re: ECOWAS Adopts ECO As Name Of Single Currency by ibietela2(m): 9:20am On Jun 30, 2019 |
Ausrichie: Lol |
Re: ECOWAS Adopts ECO As Name Of Single Currency by grandlexuz(m): 9:24am On Jun 30, 2019 |
ibietela2: 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. 3 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by grandlexuz(m): 9:27am On Jun 30, 2019 |
WarHorse1: You make sense though Eco sounds better than Was for a curency..haha That said Was would have been a better representation. Funny how the lots of policy makers never thought of it. |
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 9:31am On Jun 30, 2019 |
Ugosample:economical wise, cedis is not doing bad becuse it is in free flow and all the economic fundamental of Ghana suggest the country is in a good shape. Therefore the cedis depreciation can be attribute to external factor rather than domestic issue. In lay man language , Ghana just need to drastically reduce her dependence on importation and increases her exportation and everything will be fine. But Nigeria case is a bit a worry. The naira rate is not the true reflection of the currency . It is overvalued by 20 percent at least according to imf. More than 40 billion dollar so far has been injected to the forex to save naira. I think the idea will really benefit Ghana as it is gradually increasing her trade volume across ecowas sub region. Ghana already positions itself well, the economic activity in the ECOWAS region is improving and most of the large economies are experiencing economic rebound . Just check Ghana trade volume within the sub region of recent, Ghana is well integrated among the francophone state now. Infact akuffo addo already indicate Ghana should go ahead with the rest without Nigeria. 4 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by KenModi(m): 9:35am On Jun 30, 2019 |
Lanrextop23333: Like your post here that died even before you typed it 1 Like |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Topmaike007(m): 9:37am On Jun 30, 2019 |
Yohh:yes oo,I will be happy if it will be well implement 1 Like |
Re: ECOWAS Adopts ECO As Name Of Single Currency by grandlexuz(m): 9:37am On Jun 30, 2019 |
vaxx: Lucky Enough You Say Hahaha. Much recently there have been huge protests on the demerits of the CFA, with many average citizens of the CFA zone claiming its giving France an unfair advantage. A few months back the Italian Premier launched an attack on the French for ripping off French Africa through the CFA francs. There was outcry on the streets of most CFA countries. With as much as 90% of the average man wanting to see it phased out.Lol. I am from Cameroon though. However I personally think the CFA is a 50/50 thing. Offering some monetary stability to the CFA zone and at sametime benefitting the French. 4 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Abkreizi: 9:38am On Jun 30, 2019 |
martineverest: He is actually being sensible... no sane country will go into a one currency union in this unstable economical climate..... |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Topmaike007(m): 9:38am On Jun 30, 2019 |
ibietela2:what about a situation that other Africa countries will reject the proposal |
Re: ECOWAS Adopts ECO As Name Of Single Currency by TheGiftedOne(m): 9:39am On Jun 30, 2019 |
Yohh: Most of the pessimists you see here have absolutely no idea about economic policies and its long term impact on international trade. I am a biologist but I try real hard to broaden the scope of of my intellectual horizon. A greater number of youths spend precious time surfing rubbish on the internet, hence we have pap filled cranium as head all over the place. Sad though but it's the ugly reality that we just have to live with. #DumbAsses! I'd love to drop my pen here. 4 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Topmaike007(m): 9:40am On Jun 30, 2019 |
BB9ja007:who past leaders help |
Re: ECOWAS Adopts ECO As Name Of Single Currency by klever18(m): 9:41am On Jun 30, 2019 |
onatisi:Nigeria is the largest economy in Africa so Wat are you saying 1 Like |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 9:42am On Jun 30, 2019 |
vaxx: Akuffo Addo indicate Ghana should go ahead without Nigeria the same Addo and Ramaphosa that was in Abuja begging For Nigeria to sign AfTA 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 1 Like |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 9:43am On Jun 30, 2019 |
TheGiftedOne: read up my reasons as ti why this is a bad idea you will understand better |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Ugosample(m): 9:44am On Jun 30, 2019 |
Abkreizi:exactly |
Re: ECOWAS Adopts ECO As Name Of Single Currency by FREEMADNESS: 9:46am On Jun 30, 2019 |
Yohh: Naira Marley won't like dis ooo. 5 Likes |
Re: ECOWAS Adopts ECO As Name Of Single Currency by Abdulhakeem7(m): 9:48am On Jun 30, 2019 |
Lanrextop23333:Do you think it's Nigeria thing that you said dead on arrival? So if it comes to fruition on the proposed date then you have to bury your head in shame..... enemy of progress. |
Re: ECOWAS Adopts ECO As Name Of Single Currency by vaxx: 9:53am On Jun 30, 2019 |
grandlexuz:That is irony bro. Francophone country are actually in a mess |
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