Nigeria 'not ready' for Ecowas single currency
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Nigeria 'not ready' for Ecowas single currency

Posted MOHAMMED MOMOH in Abuja

on  Wednesday, October 25   2017 at  17:11

President Muhammadu Buhari has said Nigeria was not ready to join 14 other countries for the implementation of the single currency, Eko.

He said the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

The Special Adviser on Media and Publicity, Mr Femi Adesina, said in Abuja on Wednesday that President Buhari had identified the hiccups against single currency.

They include the ''diverse and uncertain macro-economic fundamentals, unrealistic inflation targeting and inconsistency with the African monetary cooperation programme,’’ he said.

The stand of Nigeria is contained in a message to the fourth meeting of the presidential taskforce on the Ecowas currency programme in Niamey, Niger Republic.

President Buhari also said that the economic fundamentals in the countries continued to differ over the years.

After two botched target dates, the Economic Community of West Africa States (Ecowas) set 2020 for the introduction of Eko.

The policy is similar to the single currency, CFA, in French speaking countries of the bloc.

But President Buhari told the countries to tread with caution in their push for the implementation of a single currency in the sub-region.

The stand of Nigeria is contained in a message to the fourth meeting of the presidential task force on the Ecowas currency programme in Niamey, Niger Republic.

The president also identified domestic issues in member-countries relating to their constitutions and dependence on aid as another impediment.

"The West African Economic and Monetary Union countries should make a presentation on a clear roadmap towards delinking from the French treasury, and also examine the African Union’s position on the same issue,’’ he said.