President Buhari calls for caution as ECOWAS member countries push for single currency by 2020

President Muhammadu Buhari has urged ECOWAS member countries to tread carefully in pushing for a single currency in the sub-region by 2020, drawing attention to the challenges faced by the European Union in realising the same goal.

In his speech at the 4th Meeting of the Presidential Task Force on the ECOWAS Currency Programme, in Niamey, Niger, President Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.

He noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macro-economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.

According to him, domestic issues in ECOWAS member countries relating to their constitutions and dependence on aid continue to affect the framework for implementing the single currency in the sub-region adding that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

 



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