₦airaland Forum

Eavy:
I won't touch their sh*t naira again. Me I go change my name to Eco Marley.

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

Elemosho478:
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

PrinceKevin01:
Finally, these dudes has Africa under their Badge!

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Anyway, i will Build a Professional Logo or Company for your Product or Company For 1k. Offer valid today only. See my info below

Kkshanana90:
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.

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.

post=79880676:
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.

Drshobz:
u

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.

Kkshanana90:
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.

Elemosho478:
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

AdolfHitlerxXx:

If or when the ECO comes on board,

You will beg and wish for the days of Naira.

Seems you guys don't know how terrible the rest of the economies of MOST ECOWAS countries are.

Elemosho478:
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