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Nairaland Forum / Nairaland / General / Politics / Why Nigeria Can Not Adopt The New West Africa 'eco' Currency (2592 Views)
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Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by AllNews1: 1:51pm On Jan 02, 2020 |
As many as 15 countries in West Africa have agreed to adopt a single currency, called ECO, in 2020. Experts are divided on the effect it would have on the region's economy, especially in the eight member states that use the French-backed CFA franc. Nigeria is essentially kept out of the currency because the country will not accept the conditionalities established by France. Having the biggest economy in Africa, Nigeria wants to remain the best, why the country is still having a second thought on the Eco new currency. The long delay in establishing the Eco has been caused by the inability of the 15 ECOWAS countries to meet the convergence criteria they set for themselves. READ MORE: https://www.thewatchngr.com/2020/01/why-nigeria-can-not-adopt-new-west.html
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Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by engrsyer(m): 2:02pm On Jan 02, 2020 |
Naira is shit. Let's migrate joor Though the "eco" current doesn't look beautiful and too large in size
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Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by dawnomike(m): 2:33pm On Jan 02, 2020 |
I really want to stop spending and seeing naira just for a change |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Nobody: 2:42pm On Jan 02, 2020 |
engrsyer:Nigerian should not migrate to any where, I like our Naira habeg. 4 Likes |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by urahara(m): 3:05pm On Jan 02, 2020 |
AllNews1: The person who wrote this writeup is a very big idiot. Nigeria can't use the eco not because if France but because of it has failed to meet the convergence criteria. 5 Likes 1 Share |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by tck2000(m): 8:32pm On Jan 02, 2020 |
engrsyer:Using the Naira as our currency while being eweak would help us if we want to be an industrialized Nation.i.e a China Copy-cat.Produce cheaply and sell in bulk making our goods the preferred choice. |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Area4Area: 2:25am On Jan 03, 2020 |
urahara:Aside Togo, no other country in ECOWAS met all the conditions and convergence criteria. Nigeria won't join any longer because if Nigeria does now, France would be determining our fiscal policies. Have you asked yourself this very simple question, why is it that countries in ECOWAS that use the CFA are not better off than those who don't use? 1 Like |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Wiseandtrue(f): 2:37am On Jan 03, 2020 |
I can't make out any genuine point up there!!!l Nigeria is the largest population and so what has it got to do with the matter at hand |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by helinues: 5:47am On Jan 03, 2020 |
We are not interested in the eco currency at least for now.. Our borders are partially closed, see the way other African countries are feeling it.. Eco whatever is another colonisation |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by EagleNest(m): 6:21am On Jan 03, 2020 |
Like UK, let Nigeria not join the monetary union of Ecowas but remain in the single market, with time Naira will stand out like pounds as currency of value. 1 Like |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Nobody: 6:29am On Jan 03, 2020 |
I guess we can use the two currency (Naira and Eco) concurrently just like Uk that use both pounds sterling and Euro |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by urahara(m): 6:36am On Jan 03, 2020 |
Area4Area: Didn't u read that France is no longer part of the board of central bank of West African countries ? |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by urahara(m): 6:38am On Jan 03, 2020 |
Area4Area: Countries using the cfa have low inflation rates and interest rates.Other West African countries like Nigeria always have roaring double digits inflation. |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Stanweezy(m): 6:59am On Jan 03, 2020 |
I know Seun will not like this. If this Eco currency stuff materialise, he will change Nairaland to Ecoland. 3 Likes 1 Share |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by balingaonline(m): 7:35am On Jan 03, 2020 |
tck2000:But we are not one and we're not ready to be one |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Area4Area: 8:10am On Jan 03, 2020 |
urahara:Didn't you know the notes and coins would still be printed in France and the currency would still be hooked to the Euro through France? Why can't France allow the currency to be printed in West Africa and the value to be determined by the participating countries? 1 Like |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Area4Area: 8:15am On Jan 03, 2020 |
urahara:With their lower interest and inflation rates over the decades because the CFA has been hooked to the French franc and later Euro, why are those countries worse than non users like Ghana and Nigeria? 2 Likes |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by CSTR2: 8:15am On Jan 03, 2020 |
urahara:If Nigeria wants to join, we would. Joining a neo colonial currency is not in our interests. |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by APCNig: 9:09am On Jan 03, 2020 |
urahara: Who set the criteria? Can you set criteria for your boss? Nigeria is the boss? Nigeria sets criteria, not the other way round. If Nigeria rejects the Eco currency, it will die a natural death. 2 Likes |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by urahara(m): 9:10am On Jan 03, 2020 |
Area4Area: Post a link for the above |
Re: Why Nigeria Can Not Adopt The New West Africa 'eco' Currency by Area4Area: 12:33pm On Jan 03, 2020 |
urahara: https://www.dailytrust.com.ng/why-france-kidnapped-west-africas-eco-currency.html |
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