Some west African countries had their currencies devalued as a result of debt and deficits.

In their bid to save their Economy, the west African states planned for a single currency but Nigeria in it bogus Economy rejected the bid with the excuse of devalued currency of member states.

The drop in the price of crude oil which form the major sustenance of the Nigerian Economy lead to the drop in the value of the Nigerian Naira threatening it value. The Naira could be devalued if the Economy is not improved in two month time and naira will go the way of cedi of Ghana and some other currencies of west African State.