Why W-African Common Currency Might Be Dangerous For Nigeria- Emefiele

By Ikenga Chronicles September 14, 2018

Why W-African Common Currency Might Be Dangerous For Nigeria- Emefiele

The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has warned Nigeria and other African countries against rushing into the a common monetary union and creating a common currency in West Africa.

Emefiele sounded this warning when 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.

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“The unfolding trade war between United States, China and the West portends both opportunities and challenges for our region’s economy, depending on how we approach it individually as nations.

‘’Nonetheless, while the shocks to individual economies might vary in magnitude and intensity, it might yet be an opportunity for us to look inward and strategize on how best to fill the trade gap that would ensue.”

He rather called for the establishment of a West African Monetary Zone, WAMZ, Commission to drive common interests and aspirations of member countries.

The CBN boss said: “We must intensify our level of cooperation and collaboration through strong bonds to work as a unit within the ECOWAS monetary union programme to achieve our shared objective.

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“It has become imperative for us to bring this collective resolve to bear as we embark on a thorough review of the economic conditions of member countries vis-a-vis their levels of preparedness for the monetary union and economic integration of the sub-region.”