Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Experts adopt Eco as single currency

31 July 2013, 15:26

Abuja- A meeting of regional Economic Community of West Africa States (ECOWAS) experts has ended with the unanimous decision to adopt a single currency for the region.

A creation of the currency, Eco, is set to be adopted in 2015.

The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone constitute the six countries of the zone that agreed to create the second currency to be used during a transition period along with the Franc prior to the creation of a single currency by 2020.

The experts, drawn mostly from the ECOWAS Commission, Central Banks of West African States (BCEAO), West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), West African Bankers Association (WABA), the ECOWAS Bank for Investment and Development (EBID) and the West African Economic and Monetary Union, UEMOA Commission, also revisited the reporting procedure of the roadmap, the frequency of their meetings and the financing of the various activities.

Experts discussed such issues as harmonization of policies in domestic taxes and the provision of regulatory framework in various areas, multilateral surveillance, the completion of the payment system infrastructure, removal of non-tariff barriers, stabilization of exchange rates, liberalization of capital accounts and the integration of financial markets.

It is expected that the proposed timelines on some of the activities will be presented to the next meeting of the ECOWAS Convergence Council through the Macroeconomic Policy Technical Committee for consideration and adoption.

- CAJ News

Tags ecowas

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...