STATE HOUSE PRESS RELEASE

PRESIDENT BUHARI URGES CAUTION ON ECOWAS COMMON CURRENCY

President Muhammadu Buhari on Tuesday cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states complied with agreed processes of reaching the collective goal.

President Buhari also expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with Eco ahead of the rest of Member States.

The President delivered Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).

The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda.

‘‘Your Excellencies, you all are familiar with the history of the Eco thus far, so I will not bore you with that. We reverted to a single track approach, giving up Eco which is the original idea of the WAMZ so the ECOWAS-wide programme could thrive.

‘‘In this regard, we have made remarkable progress including the adoption of the Exchange Rate regime, the name and model of the common Central Bank and the symbol.

‘‘We have urged our Ministers towards an expeditious path to success. It, therefore, gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the Member States.

‘‘This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.

‘‘I am informed that the French Ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA Member States, have already passed legislations in their various Parliaments to that effect.

‘‘It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion,’’ he said.

President Buhari, who assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and take a common position to safeguard the West African Monetary Zone from the pitfalls of a questionable union.

He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.

According to the President, Nigeria also believes that given the potential contractions and even losses from the global Covid-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.

‘‘We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.

‘‘We need to be clear and unequivocal about our position regarding this process. We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.

‘‘My dear colleagues, Heads of State and Government, It is obvious that we are at a crossroads.

‘‘We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,’’ he said.

In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
June 23, 2020

FTC

Make i just book space keep before i comment rubbish.

Traitor Francophones..

I Love PMB

If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.

France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness.
The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.

God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.

Nigeria won't join a currency controlled by France

If this could be achieved, then it's a step on right direction, it will boast our bilateral relationship with member nations, making it easy to transact freely without restriction and currency barriers.

Nice one

We don hear oooo

Valid points raised, France and their modern day colonization should leave us be

God Bless The President

He just they wake up

Summary of the Eco Currency Wahala:

France never for once liked the idea of a 'United Nigeria' cos of the power it pulls in the West African sub-region which obviously reduces their influence ,so they(France) through these francophone nations want to stall the single currency actualisation for as long as possible for their selfish interest, Nigeria ( chief anglophone nation) realising their plot is fighting really hard to bypass their influence. Now Nigeria is treading with caution cos if they 'foolishly' sign the agreement their country would be a dumping ground for goods mainly because of it's huge consumer market thereby limiting the manufacturing abilities of it's domestic industries.

I have my own personal reservation about that currency, we cant be part of what will be controlled by France. It will be detrimental to our economy.

If the Euro can work in Europe, I don't see any reason why Ecowas can't work. On what basis do these superpowers rate their currencies? How can Latvia and Hungary that possess no resources have a higher currency than Congo with all the resources. What makes the USD much higher than others? What of GBP? I hope this works out.

Kk

Better talk away from APC brouhaha but Una dry under estimate Giadom oh they over estimate the late Ajimobi and Tinubu

Wetin dey give Giadom mind Una done ask Una selves?

Anyway as for single currency PLEASE I take god beg Buhari and Nigeria KEEP FRANCE FAAAAAAR AWAY from it Please I know why I'm telling you guys this

Make Nigerian naira gain value first. Lets depend on ourselves

MY FEAR now is:

is this our governance talking?

Ecowas please maintain your lane.......We no want.

Its not my concernment Jare

End time things

flokii:
If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.

France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness.
The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.

God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.

can we meet one on one?

Can I call u my self? I will load 5k airtime and speak with u! I want u to defend Buhari soundly on call or physical communication!

I want u to justify why u called Buhari intelligent! If we could meet, that would be fine, but if we cant meet, we can still do virtual meeting and discuss like matured adults or we can do voice call. whichever one, pls, do not decline. I want to tell u why Buhari is not fine and intelligent and why those who are against him are not saboteurs.

I can also see that u are already calling some people 'silly'. Prove me wrong, be a man or a woman who can reason logically without insult. I want to challenge u logically.

all these French speaking countries in Africa are still France colony.


modern day colonization

flokii:
[s]If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader
...

God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.[/s]

You are very stupid

[/b]

flokii:
If not for saboteurs hell bent on tarnishing the image of Nigeria, PMB is a very fine and intelligent leader.

France has refused to let go of Black slavery in Africa through its colonies, unfortunately for them, Nigerians are very intelligent and distinct from other Africans who have refused to stop thinking like "monkeys". How on earth will France dictate the tunes and set rules for single currency in West Africa? Is that not madness.
[b]The previous administration rushed foolishly into currency swap deal with China to favour importation of junks into the country by Igbos over local manufacturing. Very silly set of people who know nothing about economy or how to manage one.

God bless PMB and all patriotic Nigerians working hard despite naysayers to make our great country stand again.

That was done by buhari administration, not the previous

Wetin baba sabi about currency lol

Let the best thing be done

He's very right. The reason is because our west-african countries don't have the required apparatus to have a common currency. Our economies is cancerously unstable compared to our european folks. There will be lots of inter-plays before it can be authorized.

I'll come back and reply�‍♂️�‍♂️