Buhari says proposed ECOWAS single currency by 2020 not feasible

Buhari says proposed ECOWAS single currency by 2020 not feasible

President Muhammadu Buhari has opposed the proposed single currency by ECOWAS member states by the year 2020.

Buhari told a meeting of presidential task force on ECOWAS single currency in Niamey, the Niger Republic capital, that the conditions that pushed Nigeria into withdrawing from the process in the past, have not changed.

The President asked other ECOWAS nations to tread softly on the project, citing the challenges facing the European Union in reaching a similar goal.

He explained that the necessary economic fundamental in ECOWAS countries continues to differ over the years, making the 2020 date for a single ECOWAS currency not feasible.

“Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on the information presented to the Heads of State which were the basis for their recommendations, we are concerned that we have not properly articulated and analyzed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020. 

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns,’’ he said.

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