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CBN seeks African countries commitment to emergence of single currency

28 March 2014, 13:32

Abuja - The Acting Governor of Central Bank of Nigeria (CBN), Dr Sarah Alade, has urged African countries to show more commitment toward regional single currency convergence.

Alade made the call at the caucus meeting of African Central Bank Governor's at the ongoing 7th joint annual meeting of African union and Finance Ministers of Economy in Abuja.

“Most African central banks recorded relative success in keeping inflation within a tolerable threshold which could be attributed to effective and proactive monetary policy stance.

“However, there is still room for improvement, especially in the achievement of the primary convergence criteria for sub-regional integration."

Alade said the caucus meeting would focus on the appropriateness of the mandate of the central banks for African industrialisation, the need for inclusive financial payment system stability and promotion of investors’ confidence in Africa, among others.

The acting governor said that although focus on price and financial stability had served the region well, it had not brought down unemployment or achieved inclusive growth for the region.

She urged central banks to find a way of working together and solve the continent’s challenges, adding that development role must be part of the agenda of the central banks on the continent.

Alade also called for programmes that would improve access to finance and promotion of financial inclusion targeted at economic interventions.

“We need to access the need for payment systems inclusiveness for financial stability and transformative development in Africa.

“Realistic economic transformation and industrial development would entail greater participation of the private sector in the process of development,” she said.

-   NAN

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