West African countries and the quest for a common currency
West African delegates in Dakar
Delegates participate in the 17th Ordinary Session of West African Economic and Monetary Union (UEMOA) in Dakar, capital of Senegal, Oct. 24, 2013.
For leaders of West African Monetary Zone (WAMZ), the idea of having a single currency to fast-track regional economic integration remains a cherished dream. With about four years into the journey for monetary convergence, fundamental debates about how to realise the noble objective still dominate deliberations at their meetings
Dr. Ngama, who is also the Minster of State for Finance
of Nigeria added, “If we resolve to turn the challenges into opportunity, work harder together and adhere to the precepts of sound economic management, we can and must establish an enduring monetary union.”
Fashioned after the order of the European countries’ monetary dream which crystallised into the Euro, a currency that has become the major means of economic transactions in the Euro Zone, the West African sub-regional drive was also conceptualised with far-reaching macroeconomic and socio-political benefits for the countries in the now tagged West African Monetary Zone (WAMZ
Although their general performance on the major convergence criteria remained stable, at 66.7 per cent for 2012, as was the case in 2011, the report indicated that their performance on the secondary criteria improved to 25 per cent from the 22.9 per cent recorded in 2011.
The document was presented to members of the Convergence Council of the WAMZ recently. Member countries had set a 2015 deadline for the launch of the Eco, a common currency to replace the individual national currencies of the six member countries.
For Nigeria and her other West African sub-regional sister-countries, the dream of having a fully integrated monetary system has been kept alive by past and present leaders of the countries as they continue to commit their efforts, resources and time towards the realisation of its noble objectives over the past years.
West African countries and the quest for a common currency – Nigerian Newspaper – Latest news from nigeria.
Read full article here