President Buhari calls for caution in plan for ECOWAS single currency
- In Niamey, Republic of Niger, a meeting on common currency for the West African sub-region was held
- President Muhammadu Buhari was in attendance alongside other presidents of ECOWAS coutries
- Buhari urged caution in implementing the idea of a single currency for countries in the region
On Tuesday, October 24, ECOWAS told regional leaders that the goal of establishing a single currency among their economies in 2020 had failed.
Marcel de Souza, president of the ECOWAS Commission, told the summit in Niamey, the capital of Niger: “The roadmap has not been implemented vigorously. We cannot move to the single currency in 2020."
Nigerian president, Muhammadu Buhari also urged member countries to tread carefully in pushing for a single currency in the sub-region by 2020, drawing attention to the challenges faced by the European Union in realising the same goal.
“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union. To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,’’ he said.
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According to the steament released by his spokesman Femi Adesina, President Buhari noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macro – economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.
“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns,’’ he concluded.
In further remarks, Marcel Alain de Souza, said the single currency for the West African sub-region was a laudable and historical project, but regretted that it had taken too long to be actualized.
De Souza said the creation of a Central Bank for the West Coast would accelerate the process.
He noted that Nigeria constitutes more than 70% of the GDP of the West African region, with a population of 180 million, and would play a significant role in facilitating the process of realising a single currency for the sub-region.
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Legit.ng earlier reported that the federal government was ordered by the ECOWAS Court of Justice to compensate Wing Commander Danladi Angulu Kwasu for the death of his son, Elshadai Kwasu.
Elshadai was a 19-year old cadet at the Nigerian Defence Academy (NDA), who drowned during the watermanship training at the academy, on April 30, 2015.
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Source: Legit.ng
