ECOWAS Single Currency By 2020 Still On Track, Says Top Official


SAN FRANCISCO, June 17, (THEWILL) –  ECOWAS on Wednesday in Abuja assured that its plan to introduce a single currency in the region by 2020 was on track.

The acting Director, Directorate of Multilateral Surveillance of the union, Dr. Nelson Magbagbeola, disclosed this during an interview with state owned news agency, News Agency of Nigeria (NAN).

He expressed confidence that the single currency policy, when implemented, would promote trade integration in the region.

Magbagbeola, who is in charge of the implementation of the policy in the ECOWAS Commission, regretted the delay by some member states to meet criteria for the convergence.

According to him, ECOWAS management was considering establishing ECOWAS monetary institute to midwife the process of having an ECOWAS Central Bank.

“It may look like we have delayed but we are trying to ensure stability and convergences so that the payment system in Nigeria can be talking to the one in Liberia,” he said.

He called on ECOWAS member states to expedite actions toward meeting the criteria in order to ensure the implementation.

He said the policy, when implemented, would have multiplier effects on the socio-economic development of ECOWAS member states.