The Implementation of the ECOWAS Single Currency, “Eco,” in 2020 has been delayed for too long with the Nigerian government ‘s failure to meet the required criteria forset by the Member States.
Naija News Understands that only one country out of the ECOWAS member states had been able, for over a period of three years, to maintain the convergence criteria. This lackadaisical attitude has brought a question to the mind of several Nigerian stakeholders in the finance sector as to when the Eco Single Currency will come to reality.
However, the Minister of Foreign Affairs, Geoffrey Onyeama has revealed that Nigeria is not yet ready for the implementation of the ECOWAS Single Currency, “Eco,” in 2020.
The minister said that only one country out of the ECOWAS member states had been able, for over a period of three years, to maintain the convergence criteria.
“The majority of the countries understand that we are not quite ready immediately to go into this single currency market, but it is a process.“Some of the French-speaking countries understand that since their currency, the CFA, is linked to the euro, that they also have to de-link, to start preparing towards this single market.“And so, they have taken certain measures where the 50 percent they ordinarily have to deposit with the French Central Bank, that is no longer going to be the case.
“France is no longer going to be represented on the board of the bank, So, there really is no major contradictions.“There is no question of anybody colonizing anybody. It was an initiative of the African countries and France accepted.“The Eco is now going to be linked at the exchange rate with the euro. But that was a request, a specific request by the African countries,” he said.
Onyeama said that everything is done is being undertaken by sovereign countries, exercising their sovereign wealth.
Source: Naija News