ECOWAS To Launch Single Currency In 2027

ECOWAS To Launch Single Currency In 2027

The President of the Economic Community of West African States (ECOWAS) Commission, Mr Jean-Claude Brou has said that the community has resumed convergence to launch the ECOWAS single currency “ECO” in 2027.

This was disclosed on Tuesday by Mr Jean-Claude Brou while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.

According to THE GUARDIAN, Brou said, “We had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.

“And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favourable condition to introduce a single currency.

“Because you can introduce the currency but what is required is that it should be of quality.

“In other words, it should serve the needs of the population and also should inspire confidence and trust in the population.Information Guide Nigeria

“So that is the main objective, to ensure that the convergence criteria is been followed,” Brou said.

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Also speaking, Member of the ECOWAS Parliament and Nigerian lawmaker representing Andoni-Opobi/Nkoro Federal Constituency of Rivers, Rep. Awaji Abiante said that the single currency is work in progress and there is hope that sometimes it will work.

As reported by THE GUARDIAN, Abiante said, “Every good thing comes with its challenges so getting the economies of the 15 member states to agree on that transaction and how it can be moved forward.

“If it is hurried, definitely it could run into crisis so it is good to have every aspect of it discussed, agreement reached, such that it will be implementable”.

Abiante further stated, “Whatever anybody says, it is just going to be mere projections, it is only when it is implemented that you will see the benefits.Jamb Result

“But simply put, it will ease transactions, it will open up the economies, it will make it freeer for people to engage in both commercial and industrial activities”.

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