Ajasnoop: Europe is not having the best of times with the single currency. West Africa wants to start. #whatsthepoint

docjuli:

Where are they used?

HNosegbe:

My point is that a proposed single-currency region must be backed and underwritten by a capable central bank.

The French central banks underwrite the CFA franc (used by French-speaking African countries) in exchange for control of monetary policy in those nations.

I fail to see how that scenario resembles this one.

Horus: The fact is that Africans can only rise together. It is important to note that it is in the interest of the West for us to remain divided because they will retain a massive bargaining power over us. Africa is resource rich and if we worked together, we could form a price fixing cartel, like OPEC for all our resources, in the process extracting a bigger portion of value from the global economic system.

Horus: The fact is that Africans can only rise together. It is important to note that it is in the interest of the West for us to remain divided because they will retain a massive bargaining power over us. Africa is resource rich and if we worked together, we could form a price fixing cartel, like OPEC for all our resources, in the process extracting a bigger portion of value from the global economic system.

ledafaze: Must these African Leaders be thinking towards the dark side because they are dark skinned? This is what is causing problem in Europe and UK is dancing alanta cos they didn't get fully involved in it and now useless dumb-headed HeadOfStates are trying to go into it...

I hope they learn from the mistakes of the Europeans and lets see how far it will take them. But If it is worth doing, the risk needs to be analysed as per the thinking of the average African with respect to abuse of power

Akpa ife: End time is coming I dey see danger soon d whole world will use 1 currency

ballabriggs: It is not feasible and I will give you some reasons. You do not just do it because you hear others are doing it.

Firstly, most ECOWAS countries do not have the same economic cycle. To share a single currency is to lose control of your monetary policy. In fact Nigeria with a lesser risk than these other countries will be stupid to dollarise its currency. A bit technical and I might need a chart to explain what I mean.

Secondly, the volume of inter-ECOWAS trade between member countries is a small proportion of the total trade of these countries. Makes absolutely no sense to then dollarise when there are still barriers to trade between members.

Ilaje44:


However, you are very on point with the matter of inter-ECOWAS trade. I really laughed when I read they are planning a single currency, when they are busy imposing all manner of barriers to impede free flow of good among themselves. If there was free trade in the ECOWAS, the Lagos port would have to up its game else, a lot of people would have chosen to have their goods come in through Cotonou or even Lome.

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.

Ilaje44:
Aktually, you dont need a chart, because you are peddling falsehood. Firstly, all the countries involved are basically raw material exporting countries. Secondly corruption and inefficiency is common to all. Thirdly, the Naira is already dollarized a long time ago. The value of the Naira is pegged to the Dollar.

However, you are very on point with the matter of inter-ECOWAS trade. I really laughed when I read they are planning a single currency, when they are busy imposing all manner of barriers to impede free flow of good among themselves. If there was free trade in the ECOWAS, the Lagos port would have to up its game else, a lot of people would have chosen to have their goods come in through Cotonou or even Lome.

CFCfan:

The ECOWAS treaty would have to be enforced in order to guarantee that those same trade barriers are minimised. For instance, ECOWAS passport holders may not need a visa to visit another ECOWAS country, if they are visiting for, say, 3 or 4 months.

Gbawe: Tall order. Target dates have been proposed in the past that have not been met because genuine sincerity and commitment remain non-existent. Ecowas Countries, in my opinion, are only paying lip service to the notion of single currency.

ballabriggs:

What is this one saying? I done die O, the number of educated illiterates Nigeria produces daily is a big danger. He does not even understand what I have written yet he has come out to pose like one Maynard Keynes.

This is how you people confuse those people in your village meeting. Mr you need to learn or ask rather than come out on a forum like this to display ignorance.

Yungprinzet: This 2015 of a tin scares me alot coz of d many tinz it entails. Election,single currency,new world order,etc. Mmmm, I pity most of u that are in support of dis Single Currency rubbish. Have u 4gtn so fast the prophecy in Revelation talking abt the world spending a single currency & no transaction without the mark of the beast 666. Most people would evn collect the mark with open arms. I'm sorry 4u, instead of u 2 repent ur ways & pray that this plan should not come 2 pass. U are there celebratin destruction. Mmmm, may the Lord av mercy on us all.AMEN

Dewze:

if it has been prophecied, then it ll surely come to pass, whether you pray against it or not. If it does not come to pass, it means Revelation lied. So why d fuss over something u can't stop from happening?

barcanista: may you not be destroyed by ignorance. This policy has been agreed on since year 2000 by Obj Govt and other Ecowas leaders. 2015 has already been agreed as kick off date and its not an haphazardous decision Mr Gbawe. Its a good move that deserves our commendations and support. God bless you

The ECO: a common currency phantasm or certainty?


The initial date set for the introduction of the ‘ECO’ was January 2003. However, the implementation suffered a pitfall when by November 2002 it became apparent that the participating countries would not be able to achieve the convergence criteria.

The date was subsequently postponed to July 2005, as it was expected that that would give the countries adequate time to meet the criteria. But, again, this did not happen because the countries failed to meet the target.

It was then decided that, perhaps, the process should be postponed for a longer period to enable the countries make more preparations.

December 2009 was therefore settled upon with the hope that the participating countries will properly gird their loins for the new currency. But, as it turned out, the deadline did not become feasible, and now the new date is 2015.

For some analysts, it remains to be seen whether the proverbial ‘old lady’ would finally shove off her ‘stick’ in 2015 or there would be another postponement to perhaps, 2020.

Yungprinzet: This 2015 of a tin scares me alot coz of d many tinz it entails. Election,single currency,new world order,etc. Mmmm, I pity most of u that are in support of dis Single Currency rubbish. Have u 4gtn so fast the prophecy in Revelation talking abt the world spending a single currency & no transaction without the mark of the beast 666. Most people would evn collect the mark with open arms. I'm sorry 4u, instead of u 2 repent ur ways & pray that this plan should not come 2 pass. U are there celebratin destruction. Mmmm, may the Lord av mercy on us all.AMEN

barcanista: oga nothing is coming to pass. Na so them begin LIE say na President Obama be anti-christ, now them want shift gear. 2015 will come and go, No anti-christi will show up. Na today we don de hear anti-christ?