25.6 C
Abuja
Tuesday, February 25, 2020

ECOWAS Monetary Convergence Council Rejects Planned Name “Eco” For Single Currency

Must Read

The West African Monetary zone Thursday rejected the move by eight French speaking ECOWAS members to unilaterally name the planned regional single currency “Eco”.
This was the fall out of an extraordinary meeting of ministers of finance and governors of central banks in the region’s monetary zone convergence council.
Nigeria’s minister of finance, Zainab Ahmed spoke the mind of member countries like Gambia, Ghana, Guinea, Liberia and Sierra-leone at the meeting in Abuja
The ministers are requesting for an urgent meeting with the authority of heads of state and government of the region’s monetary zone to discuss the issue further.
Track up
This meeting comes about a month after the eight French-speaking West African countries announced their decision on the ECO single currency.
The countries are Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, Côte d’Ivoire and Togo.
The controversy became heightened following allegations of undisguised involvement of the French government, which analysts accuse of attempts to hijack the region’s single currency project.
ECOWAS the regions’s political and economic union, said the rollout will be gradual with countries meeting the laid-out criteria.
However, critics worry that Nigeria, the regions biggest economy, will dominate monetary policy and stall the projected benefits
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Just ln: ln Edo, female native doctor, 2 yahoo boys, kidnapper roasted 

    A female native doctor, kidnapper and two Yahoo boys were on Monday burnt to death in Otuo community in Owan council area of Edo...

Teenage stealth thief hides in bank toilet, steals N340,000 at night 

  Outsmarting the security personnel, a16-year-old boy, Adekunle Ayomikun, sneaked into the toilet of a bank and took temporary shelter overnight to steal N340,000 from...

Ogun Gov. orders investigation into Remo Stars player’s killing by SARs

  Upset by the killing of Remo Stars Football Club defender, Kazeem Tiamiyu, Ogun State Governor Dapo Abiodun, has ordered an investigation into the extra-judicial death by...

More Articles Like This

- Advertisement -