NEWSTOP STORY

CBN Governor warns against rushing into common W-African currency

 

Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has called for caution by member countries of the West African Monetary Zone against rushing into a common monetary union and creating a common currency in the sub-region.

He spoke at the 37th meeting of the Committee of Governors of Central Banks of the West African Monetary Zone, in Abuja, yesterday. He said: “Our desire for greater economic prosperity for our people through a common monetary union must not vitiate our awareness of the potential adverse and contagion factors associated with unified monetary area and common currency.”

He rather called for the establishment of a West African Monetary Zone, WAMZ, Commission to drive common interests and aspirations of member countries. The Director-General of the West African Monetary Institute, WAMI, Dr. Ngozi Egbuna, also disclosed that as at December 2017, the assessment of member states’ performance on the primary convergence criteria showed that none of the countries had yet met the requirements.

Credit: Vanguard.