Buhari Rejects Single Currency For West Africa
Any hope of a unifying currency for the West African sub-region has been dashed.
Buhari said NO to single ECOWAS currency by 2020 on Tuesday.
The president, who was in Niamey, Republic of Niger, for the 4th meeting of the Presidential Task Force on the ECOWAS Currency Programme, urged member countries to tread carefully on the matter.
He cited the challenges faced by the European Union in realising the same goal to buttress his position.
According to his media aide, the president said the necessary economic fundamentals among countries continue to differ making it more difficult to pull through with the project by 2020.
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“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union.
“To that end, Nigeria will caution against any position that pushes for a fast-track approach to a monetary union, while neglecting fundamentals and other pertinent issues,” the President was quoted as saying.
President Buhari also noted that domestic issues in ECOWAS member countries relating to their constitutions and dependence on aid continues to affect the framework for implementing the single currency in the sub-region.
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