Fourwinds:
you have said it all.. African leaders are very foolish except few.... They just talk any how as if achievement is by talking

9jaRealist:


Sadly, when our parents were young, one could exchange the Naira on the high street in London (and perhaps New York, but not sure)...
>

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

Parablesonmarble:


I think WAFRO would be a better suggestion. ECO is from Economic Community Of, which is kind of a general thing. WAFRO would be from West Africa which is more indicative of the concerned region. But what do I know? Aside that, I wish someone would enlighten me on the benefit of this kind of deal for Nigeria in view of Britain pulling out of a saner Euro. I feel kind of uneasy with Morocco encroachment on the region.

vaxx:
so far , only Ghana meet the requirement .The idea will not be actualize by 2020. Nigeria, the main pillar of ecowas economy is yet to get it right.

lilianofentse:
F
T
C
Happy Sunday To all Nairaland Christians.

9jaRealist:


I believe it will be local legal tender (though one proposal is start in WAMZ and then ‘merge’ with CFA)...
But limiting it to intra-community trade (at least at the outset) could be a more sensible route to proceed.
>

Fukkafukkah:
bla bla bla

vaxx:
Not all west african state are buying into it. The francophone for instance are not part. They will only integrate the acceptance of the money into their local market . It will not replace cfa

ibietela2:
Why not a single currency with the whole of Africa? I don't know if in Europe east, west, south has its own currency different from the euros

9jaRealist:


It will likely be phased in...
Starting with payment systems integration this year.
>

onatisi:
The Communiqué noted that the Taskforce has “instructed the Ministerial committee to meet within three months to propose a new roadmap to accelerate the creation of the single currency project by 2020. In this framework, a gradual approach can be undertaken, where a few countries, which are ready, can start the monetary union whilst the other countries join later.”

not all countries in the region will start at the same time

9jaRealist:


Sadly, when our parents were young, one could exchange the Naira on the high street in London (and perhaps New York, but not sure)...
>

aisammy4:



Our generation need to understand our history. Single currency has once been used in Western Africa. During that era, there was boom in the regional economy though run by the colonial masters. But when we started getting independence, we all left it and followed a new course. Today, we find ourselves in a huge mess.

We can still correct this problem by trying new things. Remember that Africa has been blessed with both human and mineral resources. Let's use put it to use.

I believe with an integrated economy within the region, we can start producing and distributing these products within the region. Sell at a moderate price to all within the region but at a higher cost to those outside the region. Ensure free trade zone are domiciled in all countries of the region and also encourage exchange of technical know how and information technology. With time the region should experience a substantial increase.

However, people fear that Nigeria being the largest economy in the region will be overweight and will take the highest burden. Well that can be true, but dont forget that we will also be strengthening our economy too. When we start production in large capacity and growing our produce in commercial quantities, shouldering these responsibilities will create better job opportunities for the teaming youths.

I still believe Naija is good to go anywhere, anytime! NAIJA NO DE CARRY LAST!

Mk12:

what are you manufacturing that will give it the weight? terrorism?

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

vaxx:
The idea will be discussed in the Senate. That is when Nigeria will kick it out. Even buhari aready caution against it in Niamey. Even we are talking about currency, we are talking about the life line of a country so monetary discipline is well needed which so far is not available in ecowas sub region.

Another reasons Nigeria will be against it is the limited control over Franc CFA by Francophone West African countries. Which is not ready to face out soon.

9jaRealist:


See my previous posts...

The idea is to start with the WAMZ-ECO and then subsequently “merge” it with the CFA...
Significance of this communique is that all 15 ECOWAS states are now fully committed to the ECO common currency (whenever it may arrive).
>

Yohh:
I don't understand why some people are just unnecessary pessimistic, always antagonizing anything and everything of their own even without a rational backup explanation.

I'm hopeful this will strengthen our currency strength. Euro is very strong even more than d USD.
If this happens to be d end of naira, so be it. Who naira help before?

olalekan1:


With your English, you think you know better than the ECOWAS committee. I doubt if you know since when they have been on this.

HeyCorleone:


Most people just come on Nairaland without any iota of wisdom, that's why they antagonise every news they hear. They are not always informed, but rather than seek wisdom, they'd rather lament.

I think this ECO would be for the best, especially as regards strengthening our currency. It would put a halt on the rising inflation in WA stated.

Ugosample:


This single currency thing is a bad idea

The economic fundamentals in the sub region does not warrant such

And two, do they understand that this thing makes Nigeria especially lose its monetary sovereignty to the west African central bank?

If a Greece and Italy situation happens in West Africa (and yes, it will happen, look at the useless economies around WA) it means we will all be in trouble

It's finished for Africa

9jaRealist:


Again, while I am personally NOT a fan of monetary unions, this is NOT a short-term project...
ECOWAS has already been at it for over 20 years, and Mr. Buhari will likely be out of office by the time it’s implemented (if ever).
>

mmsen:


Easier transactions within ECOWAS.

11doubledee:
Of what value is a single currency for a region or continent that has refused to develop the critical sectors of the economy to spur greater economic independence?
Good vision but very wrong timing,probably in the next 40yrs if the leaders of countries involved starts serious work now and shun corruption.
The biggest problem would be what exactly a unit would be valued at for a particular commodity or service given the open ended economic variables.
Those who adopt such have a minimum level of social,economical, political geographical and financial organisation.
The only one i think we have for now is geographical.

Doubleprof1:
What is the implications of the said single currency on west African economy

Ugosample:


you don't have an economics background
you will not understand

This is a VERY VERY BAD MOVE

Nigeria better stays away from it.
Ghana better stays away from it too

What is the volume of trade BETWEEN the member States to warrant a single currency?

each member has it's 5 biggest trading partners out of the continent, unlike in Europe that their 5 biggest trading partners are between each other

Black man lacks sense, I have always known
But not this level of stupid

you just see EUR and you decide to adopt it.

And besides, we !are supposed to have a referendum to ascertain whether we want this currency or not

But in typical black monkey man fashion, these countries will want to force it on the people

Shame

vaxx:
Nigeria for now is not in good economic shape to stabilized it if the currency roll out . I will advocate Ghana and the rest to implement it without Nigeria if the need is urgent while Nigeria follow later.