At the 4th Meeting of the Presidential Task Force on the ECOWAS Currency Programme held recently in Niamey, Niger Republic, President Muhammadu Buhari cautioned those pushing the programme to perish the thought of a fast-track and advanced very cogent reasons why the single currency program in ECOWAS is very important.
He reminded the ECOWAS Commission, which appears to be pushing the programme, to be a little more circumspect because “a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020” has not been properly analysed.
He suggested a thorough review of the “convergence” roadmap and the constitution of an expert committee on each subject area so as to come up with an acceptable time frame.
He drew the commission’s attention to the recommendation of the African Union (AU) that 2034 should be the year for the establishment of Regional Central Banks in all the sub-regions.
Nigeria must show leadership on this issue. The numerous benefits of a single currency for West Africa far outweigh the pains of actualising it. The currency will definitely boost commerce in the sub-region and improve the economic condition of the people.