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Reduction In Naira’s Value Threaten Adoption Of ECOWAS Single Currency Plans

Posted: 09 December, 2016 at 07:03 am
 Reduction In Naira’s Value Threaten Adoption Of ECOWAS Single Currency Plans
Reduction In Naira’s Value Threaten Adoption Of ECOWAS Single Currency Plans Photo 1

The ECOWAS (Economic Community of West African States) has make it known that the steady decline of Nigerian currency (Naira) has put the plans of adoption a single currency to be under risk.

The ECOWAS has plan to make 2020 the year to achieve the adoption of a single currency for country but due to decline in Naira, it has make the plan to be under risk.

This was stated yesterday, during a two-day technical meeting in Abuja by the consensus view of members of the Technical Meeting of ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance.

Ommy Sar Ndaiye, the Chairman of the committee advise the group to plan on the way to advance the economy of the members states saying the commission has make a outstanding progress in its macroeconomic policies but they have to advance.

Ndaiye said that the country economy and also plans for the adoption of a single currency were affected by the reduction of naira value and other economic problems facing each states

She noted: “The depreciation in value of the Naira and other economic factors in Nigeria are affecting ECOWAS. We all know that whatever happens in Nigeria weighs heavily on our economies. If there are challenges there, it would reflect on the region,”

She advice the ECOWAS members in statement to find a better ways to build up the country economic.

Mamadou Traore, the Commissioner of ECOWAS Macroeconomic Policy and Economic Research, stated that the aim of the meeting was to take a look at the 2015 details, monitor, assess and make appropriate reference that would help restore the country economy.

But the Group members lamented that “despite efforts by the commission to strengthen the economy of ECOWAS, the economy is still vulnerable to external shocks.”

Mr. Traore advice the group members to modernize their database on standard basic that would bring growth to the country economic and also equip their proper information.

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