• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Single currency not realistic in ECOWAS by – WAMZ

ECOWAS

The Matters Press by The Matters Press
March 12, 2024
Reading Time: 2 mins read
0
Tinubu emerges new ECOWAS Chairman

Abuja, March 12, 2024: The plan for the realisation of a single currency, Eco, for the Economic Community of West African States (ECOWAS) by 2027 is unrealistic, the West African Monetary Zone (WAMZ) says on Monday.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Dr Olorunsola Olowofeso, the Director-General of WAMZ, said that the date was not realistic because all the WAMZ member-states have not met all the required criteria.

He spoke against the backdrop of the recently held 48th meeting of the Committee of Governors of the Central Banks of the member-states of the WAMZ in Abuja.

According to him, it is unlikely that any of the member-states will satisfy all four primary convergence criteria on a sustainable basis between 2024 and 2026.

“The quest for a single currency by WAMZ will take much longer to achieve as the convergence indicators have declined significantly.

“The assessment of member states’ performance reveals that, as of the end of June 2023, all member states failed to meet all the four primary convergence criteria.

“The zone’s performance score declined to 29.2 percent, compared to 41.7
percent during the same period in 2022,” he said.

He said that the medium-term projections on macroeconomic convergence suggested that none of the WAMZ member-states would meet all the primary convergence criteria sustainably between now and 2027 for the convergence phase of the ECOWAS Single Currency Roadmap.

Meanwhile, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said that Nigeria remained committed to achieving the WAMZ objectives.

Edun said: “ I am sure we have the wherewithal and resilience to realise the WAMZ ambition.

“We must, as a bloc, work together to strengthen and improve the economies of the zone ” he said.

WAMZ is a group of six countries within ECOWAS formed in 2000.

Member countries are Nigeria, the Gambia, Ghana, Guinea, Liberia, and Sierra Leone.

At the ECOWAS 55th ordinary session in July 2019, the 15-member regional group agreed to launch single currency, Eco, in January 2020.

While eight, mostly francophone countries — Benin, Burkina Faso, Guinea-Bissau (Portuguese-speaking), Ivory Coast, Mali, Niger, Senegal and Togo — announced in December 2019 that they would be changing from the CFA Franc to Eco, Nigeria, Sierra Leone, Ghana, Liberia and Gambia, who are all English-speaking, as well as Guinea, a francophone country, rejected the adoption of Eco.

Former President Muhammadu Buhari-led government had called for the extension of the take-off.

Nigeria’s position on the Eco currency is that the convergence criteria have not been met by majority of the countries,” the federal government had said then”.

Tags: ECOWAS
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Pension assets records N1.77trn increase in first half

Pension fund hits N19.53trn, gains N1.17trn in January

Senate probes $3.5b with NNPC

Ningi, loud mouth senator, suspended over budget saga

Recommended Stories

Buhari launches eNaira, first digital currency in Africa

How preferences, policies dwindle Naira value

March 26, 2022
Osun election: Adeleke in trouble

Osun election: Adeleke in trouble

April 2, 2019
Nigeria, WFP worry over food situation

China’s food prices expected to stay stable – Official

January 19, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us