Nigeria and other ECOWAS member states determine deadline for single currency adoption

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Nigeria and other ECOWAS member states determine deadline for single currency adoption

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Nigeria as well as other ECOWAS member countries have set a target deadline for the adoption of a single currency. This decision was made to build the sub-regional economic integration and development. It was one of the one main issues talked about at the technical meeting of the ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance in Abuja yesterday.
Nigeria and other ECOWAS

Nigeria and other ECOWAS

The outgoing chairperson of the Committee, Ms. Ommy Sar Ndaiye stated that it was important for each member state to come up with strategies to confront prevailing economic challenges as the depreciation of naira and other challenges affecting member states have slowed down the ECOWAS economic integration and the adoption of a single currency.She further urged the committee to draw up recommendations that would strengthen sub-regional economic integration and development which could be implemented through the economic policies of member states.Mr. Mamadou Traore, the Commissioner Macroeconomic Policy and Economic Research of ECOWAS reported that lack of raw materials, poorly developed infrastructure and the naira depreciation have caused a slow growth rate and he called on member states to perform in-depth analyses to determine the growth factors.The year 2020 has been set by ECOWAS to achieve the adoption of a single currency for the region.

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