Nigeria Urges ECOWAS To Speed Up Common Currency

Nigeria Urges ECOWAS To Speed Up Common Currency

Nigeria has called on other member states of the Economic Community of West African States, ECOWAS to accelerate reforms aimed at facilitating the introduction of a common currency in the region.

Nigerian President Goodluck Jonathan said in Abuja , at the 27 th meeting of the Convergence Council of the West African Monetary Zone (WAMZ), that the three proposals of ECOWAS protocol on trade must, without any further delay, be implemented in an accelerated fashion.

''I implore you all to implement the necessary requirements that would enhance trade among our people,'' he said.

Accelerate reforms

Vice President of the ECOWAS Commission, Mr Jean Somda, also implored member states to accelerate the implementation of reforms at realising a single currency for the zone.

He said that the reforms would help to ensure economic resilience in the face of challenges such as fuel, food, financial and economic crises, boost economic growth, ensure macro economic convergence and accelerate the attainment of the Millennium Development Goals (MDGs).

Remove barriers

Mr. Somda said the commission would continue to support all WAMZ member countries as well as ECOWAS member states in structural programmes implementation relating to trade liberalisation, customs union and free movement of persons, goods and capital.

''We implore the member states to enforce the Protocols on Free Movement of Goods and Persons, the right of residence and establishment and remove all forms of barriers to free movement, including harassment at the borders,'' he said.

Nigerian Minister of Finance, Mr. Olusegun Aganga, commended the body for ''its strong focus and enthusiasm toward bringing the single currency project to fruition.''

Mr. Aganga said a new multi-country single currency could not be introduced only by means of an act of law.

''In modern economies, the role played by money is the result of the interplay between authorities' actions and the behaviour of market participants ,  and without an actively integrated real sector and financial market, the eco will not attain the status and financial efficacy of the envisaged single currency.'' Aganga said.

''We must continue to steadfastly demonstrate unwavering resolve and focused leadership in the face of the sundry challenges that our zone is faced with. It is only then that we can achieve the goals we have set for ourselves,'' he added.

The six member states of the West African Monetary Zone are Nigeria , Ghana , Liberia , Sierra Leone , Guinea and The Gambia.

Toyin/Yinka