Nigeria’s President, Muhammadu Buhari today attended the virtual Extra-Ordinary Summit of the Authority of the Heads of State and Government of the Member States of the West African Monetary Zone. President Buhari attended the virtual summit alongsid...
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Nigeria’s President, Muhammadu Buhari today attended the virtual Extra-Ordinary Summit of the Authority of the Heads of State and Government of the Member States of the West African Monetary Zone.
President Buhari attended the virtual summit alongside Nigeria’s Minister of Finance, Budget, and National Planning Mrs. Zainab Ahmed and Minister of Foreign Affairs Mr. Geoffrey Onyema via a live video stream as Nigeria’s delegation. The President on his part raised concerns over the planned single currency for the Economic Community of West African States, called the Eco, stating that it could fall into serious jeopardy except member states act in accordance with the agreed processes.
He further tabled his concerns about how francophone countries that make up the West African Economic and Monetary Union intend to replace the CFA Franc with the Eco ahead of the other member states, recalling that member states previously went for a single-track approach, forfeiting the Eco which was the original idea of the WAMZ in order for the ECOWAS-wide program to thrive.
The Eco which is the name put forward for the common currency that the West African Monetary Zone intends to introduce in ECOWAS’ framework, will merge with the West African CFA franc that has been in use by most Francophone members of ECOWAS since 1945. Though President Buhari applauded the remarkable progress made so far which includes adopting an exchange rate regime, the name, and a model for a common Central Bank and the symbol, he didn’t hide his concern over how those with whom his country wishes to go into a union with are already taking major steps without trusting the discussions of others.
In conclusion, President Buhari assured ECOWAS leaders of Nigeria’s commitment to the regions single currency, affirming its support for a monetary union with the proper fundamentals, which will guarantee credibility, sustainability, and overall regional prosperity and sovereignty, but urged them to consider the recommendations of the Convergence Council and adopt an ordinary position to safeguard the West African Monetary Zone from pitfalls of a questionable union.