The over two decade strive to have a common currency in West Africa may remain a dream, because the other member states are scared Nigeria alone may dominate the region monetary policy and stall expected benefits.
It was therefore not surprising to many, when the Economic Community of West African States (ECOWAS) recently announced that the launch and adoption of the Eco has been moved to 2027. The common currency should have been launched in 2020, but it did not happen due to the coronavirus pandemic. The West African Bloc of about 15 countries including Nigeria has been on the matter of a single currency for over two decades.
“While many believe that the adoption of the Eco would enhance trade within the bloc, ease the cost of doing business, increase job opportunities and boost economic growth, there are growing concerns that Nigeria could dominate monetary policy and stall the expected benefits.
“Another major limitation is the economic condition of the different countries and their ability to meet the criteria set by the West African Monetary Institute (WAMI)”, said Bismarck Rewane, Chief Operating Officer (COO) of Financial Derivatives Company (FDC) Limited.