Eco: Buhari govt gets warning on new ECOWAS currency - Daily Post Nigeria

Eco: Buhari govt gets warning on new ECOWAS currency

Yusuf told the News Agency of Nigeria that there were important economic issues that needed the government’s attention.

“There is a higher level of common market before we talk about monetary union, where we have the adoption of a common currency. The reality is that the pace of economic integration in ECOWAS has been very slow,’’ the LCCI boss said. Also speaking, Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research , University of Lagos, advised the Federal Government to pull out from the common currency adoption.

A January 16 communique signed by Mamadi Camara, the Minister for Economy and Finance of the Republic of Guinea, noted with concern, the declaration by Alasane Outtarra, Chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union on December 21, 2019 to unilaterally rename the CFA Franc as “Eco” by 2020.

“The WAMZ Convergence Council recommends that an Extraordinary Summit of the Authority of Heads of State and Government of the WAMZ Member States be convened soon to discuss this matter and other related issues,” he said.

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