As part of the plan to improve corporation and promote trade among the countries that make up West Africa, leaders of the region have concluded plans for a single currency to be used by members of the Economic Community of West African States (ECOWAS),
ECOWAS had at a conference in Abuja, announced that the currency of six members state, including Nigeria would be changed.
It therefore means that when the plan is implemented, the Nigerian Naira would be changed to the new ECOWAS currency to be called ECO. The plan is billed to commence by January 2020.
According to a report by CNN, ECOWAS will be working with West African Monetary Agency (WAMA), the West Africa Monetary institute (WAMI) and central banks of the concerned countries to speed up the implementation of a New Road map for the proposed single Trade currency.
The currency, ECO is expected to boost Economic Development in the West African Region and improve Cross border Trade.
If implemented, countries across the West African Region will be able to move and spend money across different countries without worrying about exchange rate costs. It is also expected to help improve trade by allowing specific countries to specialise at what they are best at, according to Economic analysts, Tokunbo Afikuyomi.
He said that the ECO will also help to address the West African Region’s Monetary Problem like the difficulty in changing some of its currencies.
But Despite these possible advantages, economic analysts are worried about the lack of integration policies among member countries of the Regional body.
BREAKING: Buhari Returns To Abuja After London Trip
The President Muhammadu Buhari has returned to Abuja after participating at the United Kingdom Africa Investment Summit in London.
BREAKING: FG, South-West Governors Agree On Amotekun
Vice President Yemi Osinbajo, SAN, met today with South West Governors, the Attorney General of the Federation and the Inspector General of Police.
According to a statement from the Office of the Vice President, the meeting was at the instance of the Governors who had asked to see President Muhammadu Buhari over the controversy surrounding the Amotekun Initiative.
However, due to the President’s foreign engagement, he asked the Vice President to host the meeting.
The statement signed by Mr. Laolu Akande a special aide to the Vice President, suggest that the meeting was very fruitful.
It (the statement) revealed that unanimous resolutions were made on the way forward.
“Having regard to the need for all hands to be on deck in addressing the security concerns across the country, it was agreed that the structure of Amotekun should also align with the Community Policing strategy of the Federal Government.
“It was also agreed that necessary legal instruments will be put in place by each of the States to give legal backing to the initiative and address all issues concerning the regulation of the security structure,” the statement read in part.
BREAKING: Arrest Miyetti Allah Leaders, CAN Tells FG
The Christian Association of Nigeria (CAN) has advised the Federal Government to arrest the leaders of the Miyetti Allah for allegedly sponsoring crimes in the country.
CAN President, Rev. Samson Ayokunle, gave the advice in a chat with reporters in Abuja.
Ayokunle, who expressed sadness over the recent killings in the northern part of the country, especially that of the Adamawa State CAN chairman, said: “The Federal Government should order the arrest of the leadership of the Miyetti Allah Groups in who are sponsoring and perpertuating the crime of Nigeria and prosecute them for all the killings in Southern Kaduna, Benue, Plateau and Taraba states, among others”.