• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 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

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 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

Twitter resumes operations in Nigeria seven months after suspension

Twitter adds Flutterwave, Paga as payment providers to Tips in Nigeria

February 16, 2022
Nigeria gets AfDB’s $14m as member of ATI

AfDB urges open borders to encourage free trade

December 12, 2022
Nigeria targets Trans Saharan, Europe gas market

Nigeria urges Turkey to fund oil, gas projects in West Africa

March 9, 2022

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

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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