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Nairaland Forum / Nairaland / General / Politics / ECOWAS Single Currency Begins In 2015 -WAMI (13720 Views)
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Re: ECOWAS Single Currency Begins In 2015 -WAMI by teniola55(m): 10:04am On Jun 25, 2013 |
first to comment!...hahahahaha!...i made it!...thank God!...gonna kill a lizard 4 dis |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by kingjohnny(m): 10:04am On Jun 25, 2013 |
This is a good step to bring people of this sub region together.300 million people a great market for industries here 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by alphaconde(m): 10:04am On Jun 25, 2013 |
Bad idea. The euro zone should know better. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by amarilo: 10:05am On Jun 25, 2013 |
I blame GEJ crew where at thou? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 10:06am On Jun 25, 2013 |
yhemster: I have few questions I hope it will be backed by gold. WAMI shouldn't follow the American model, in which the Dollar was untied from gold in 1970. The US dollar is basically fiat money. As for your 2nd question, the single currency will inevitably lead to single monetary/fiscal policies across the sub-region. The tax rates and any social welfare programs would have to be uniform, in order to prevent a Greece-like economic turmoil. 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by yuzedo: 10:09am On Jun 25, 2013 |
Untenable. Mark my words... |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by yhemster(m): 10:13am On Jun 25, 2013 |
CFCfan: That is not possible, the eco currency is a property of the WAMI. No country will be allowed to print the eco money, its like giving ur wife ur ATM card and pin. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by honeric01(m): 10:14am On Jun 25, 2013 |
When euro's struggling to remain stable, EU is having series of problems with member states, yet unstable west African countries think one currency is going to work? shaneroberts26: Dead On ArrivalWhen euro's struggling to remain stable, EU is having series of problems with member states, yet unstable west African countries think one currency is going to work? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ballabriggs: 10:14am On Jun 25, 2013 |
CFCfan: The main issue is that of monetary policy and the macroeconomic characteristics of individual countries. For example, what drives Ghana's forex reserves is not the same with what drives the reserves in Togo. Some countries a more volatile and risky than the others. Countries still struggling to build their dollar reserves cannot have a single currency, it will be a complete disaster. Nigeria with a whole lot more reserves will be extremely foolish to dollarise its currency with these guys at this stage. So they can keep dreaming and keep having the ambition on paper. It sounds good to promote unity, however, it is not feasible. 2 Likes |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Olaone1: 10:15am On Jun 25, 2013 |
kingjohnny: This is a good step to bring people of this sub region together.300 million people a great market for industries hereBut you have not pulled off this feat with 200 million people you have in your country - Naija. Have you? Or you intend to show your 'skills' when you have 50% extra pop.? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by WukedP(m): 10:16am On Jun 25, 2013 |
ekt_bear:and no be by force to use ur leprocy finger dey quote Babialah.. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Olaone1: 10:18am On Jun 25, 2013 |
I can give 101 reasons why it will not work out well |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by chris365(m): 10:18am On Jun 25, 2013 |
Another African copy cat project doomed to fail. Even Europe that has a far more powerful economy tthan our are not finding it easy to cope with such policy. West Africa first of all needs to focus on building strong economy: like industrialisation, independence from foreign aid (expecially in their budgets, which is one of the major eyesore in development) Properly implement the ECOWAS integration policy which still has a lot of loop holes. ensure security in the region (which is greatly lacking) etc... And this might end up being a burden on Nigeria as Germany is feeling the brunt of the european monetery policy failure (being the power house of the region) our leaders don't learn. They just wake up, drink sepe and open dia dirty mouths to announce rubbsh. Well, then again African leaders are senseless and stvpid 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 10:21am On Jun 25, 2013 |
Personally, I don't think this will happen. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by texaco1: 10:24am On Jun 25, 2013 |
can someone pls explain the benefits of this single currency to a layman in economics? how will this currency affect the ordinary man on the streets |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by emmanuel4758(m): 10:27am On Jun 25, 2013 |
so dat means if am havin 100 milion it wil become 50 thousand eco kai i no greeoooh infact frm 2014 i go stop savin my money in d bank cuz i fit comit sucide when bank people tel me such trash abeg make our madt leader reject d offer |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Gbawe: 10:29am On Jun 25, 2013 |
tumababa: IS DAT WHAT THEY LEARNT FROM THE EURO? This has nothing to do with the EU. Totally different fiscal and socio-economic realities. Dates have been proposed before for the take-off of ECO i.e the ECOWAS single currency. Most Central bank governors of ECOWAS member States are happy to allow others waffle because they know issues are more about politicians playing to the gallery and pretending economic union is a must-have holy grail. The reality is that the economies of ECOWAS States are nowhere near harmonised enough to facilitate the deliverance of a single currency. Even the free movements of goods and services underpinning the ethos of ECOWAS is bogged down in non-compliance with member States waking up today to arbitrarily enact protectionist actions that should be clearly outlawed. Simply not a realistic target in my opinion. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by forextrader9(m): 10:31am On Jun 25, 2013 |
Gud ideal |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ektbear: 10:33am On Jun 25, 2013 |
Wuked.P: back to sender |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by bknight: 10:39am On Jun 25, 2013 |
Africans dont learn, smh! |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Gbawe: 10:40am On Jun 25, 2013 |
N_girl: Personally, I don't think this will happen. Certainly not in 2015. http://www.ghanabizmedia.com/ghanabizmedia/january-2011-ecowas/191-the-eco-a-common-currency-phantasm-or-certainty.html
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Re: ECOWAS Single Currency Begins In 2015 -WAMI by docjuli(m): 10:44am On Jun 25, 2013 |
chris365: Another African copy cat project doomed to fail. Even Europe that has a far more powerful economy tthan our are not finding it easy to cope with such policy. Ever heard of F CFA? There is XAF (Central) and XOF (West). |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by TEEGBE: 10:44am On Jun 25, 2013 |
END TIME THINGS |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 10:45am On Jun 25, 2013 |
If i become the President of Nigeria come 2015,will i be able to loot d tresury now we want to have a single currency?Pls i wan to knw |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by goldenone(f): 10:45am On Jun 25, 2013 |
Wuked.P: |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Rooneyboy(m): 10:47am On Jun 25, 2013 |
Ajasnoop: Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint What are the demerits/disadvantages in having a single currency Pls do educate me bro . |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Dewze(m): 10:48am On Jun 25, 2013 |
Pls can some one help educate us a bit more on the real implicatns. Does this mean we ll no longer use the Nigerian Naira? If so what then ll Nairaland be called? Ecoland?;( 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by WukedP(m): 10:48am On Jun 25, 2013 |
ekt_bear:mind ya biz next time ok?? Cos i no say fear don catch u, apprentice [quote author=ekt_bear] |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by Nobody: 10:51am On Jun 25, 2013 |
docjuli: The CFA Franc is underwritten by France. Completely different scenario. 1 Like |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by docjuli(m): 10:52am On Jun 25, 2013 |
HNosegbe: Where are they used? |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by ektbear: 10:53am On Jun 25, 2013 |
Wuked.P: I will mind my business when you stop posting nonsense. |
Re: ECOWAS Single Currency Begins In 2015 -WAMI by chiefbatiatus(m): 10:55am On Jun 25, 2013 |
It won't work, how long is it going to take africans to know we can't pass where europe has failed? How long? Come to abuja and see how the ecowas secretariat is run then u understand why they west africans can't sustain WAMI. Do a contract in ecowas and see how long it takes to get paid! Yeye africans |
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