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ECOWAS single currency take-off date no longer feasible

18 July 2014, 10:43

Abuja - The Central Bank Governor, Godwin Emefiele has said the lunch of single currency for the West African Monetary Zone (WAMZ) by January 2015 might not be feasible.

Emefiele made the assertion when he delivered a Keynote address at the 31st meeting of the Committee of Governors of WAMZ held in Abuja.
According to him, from the study of countries’ preparedness, there are challenges hindering the performance of their economies from meeting the convergence criteria for single currency.

Emefiele said the study showed that the performance of member states’ on the convergence scale relative to that required for the establishment of a monetary union was still inadequate.

He added that the study revealed that member countries business cycle synchronisation in terms of real Gross Domestic product (GDP), inflation, broad money and interest rate remained weak.

Emefiele said there was need for the buy-in of all member states in WAMZ project, adding that effort to update each other on the level of progress should be strengthened.

He called for intensified effort on sensitisation of all stakeholders and urged individuals to evaluate, sign and ratify the various WAMZ protocols and strive to implement them accordingly.

The governor said that effort must focused on effective coordination between fiscal and monetary policies to support price stability mandate and create appropriate macroeconomic environment conducive for intra-regional trade.

He called for the implementation of a framework for quoting and trading in WAMZ member countries’ currencies to improve trade integration.

-    NAN

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