The move to ensure that member states of the Economic Community of West African States (ECOWAS) adopt a common currency has suffered a major setback as none of the West African Monetary Zone (WAMZ) member states has met the four primary convergence criteria to make that happen.
The move to ensure that member states of the Economic Community of West African States adopt a common currency has suffered a major setback as none of the West African Monetary Zone member states has met the four primary convergence criteria to make that happen.
He added: “The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the member states, suggest that none of the WAMZ member states will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years of the convergence phase of the ECOWAS Single Currency Roadmap .
He, however, cautioned that the relevance of the initiatives and other efforts may be impeded if member states do not upgrade their payment systems infrastructure. He expressed worries that despite the potential to enhance local food and livestock production, Nigeria relies heavily on imported agricultural goods to fulfill growing domestic demands.
Niger State government has presented cheques to the tune of N70m to victims of fire and bandits attacked in some communities in the state. Kaduna State government has distanced itself from a report that private negotiator has been hired to interface with terrorists to free the 287 abducted pupils in the state.
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