According to the former president of Nigeria, Olusegun Obasanjo, the time has come for the Economic Community of West African States (ECOWAS) to commence use of a single currency unit (to be known as the “Eco”) if development, growth, and economic integration are expected to witness improvement within the region. The former president made this known on Monday when he received the newest President of the ECOWAS Commission, Marcel de Souza, in Abeokuta, Ogun State.

Newly appointed de Souza noted that he made the effort to visit Obasanjo in order to introduce himself to him, as well as seek advice and guidance from him on matters concerning the sub-region, based on Obasano’s long-standing commitment to ECOWAS. In response, Obasanjo promised to always be available for the West African body whenever he is needed.

In addition to the aforementioned benefits of using a single currency in West Africa listed by Obasanjo, he opined that the significantly problematic issue of youth unemployment could be solved if the idea is considered properly by the governments of ECOWAS member states, and in fact the rest of the African continent.

Developing a single currency in West Africa remains high on the list of challenges that ECOWAS is faced with in facilitating and achieving the level of socioeconomic integration that it desires for the region. The disharmony and irregularities in the member states’ economies, coupled with unstable policies largely inhibit the materialisation of the vision.

At the 31st meeting of the West African Monetary Zone (WAMZ) in Abuja in 2014, economic analysts in attendance noted that having a single currency in West Africa would reduce the exchange rate uncertainties. They added that this could also attract more foreign investment, improve the standards of living within the region, and develop Africa’s economy as a whole, amongst other benefits.

The deadline for the implementation of the single currency system for ECOWAS is presently set for 2020.

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