Members of the Economic Community
of West African States (ECOWAS) have agreed to launch ECO, its proposed single
currency, in 2020.
The heads of the 15-member
countries reached this decision on Saturday at its 55th ordinary session in
Abuja to review progress on integration.
The community also agreed that a
flexible currency regime will be adopted.
In a communique read by Mustapha
Suleiman, Nigeria’s permanent secretary at the ministry of foreign affairs, the
regional body was instructed to collaborate with West African Monetary Agency,
West African Monetary Institute, and West African Central Banks for speedy
implementation of the revised road-map.
Nigeria, which is the largest
ECOWAS economy, operates a managed float currency, while other states in the
region have their currencies pegged to the euro.
ECOWAS urged members to work
towards eliminating trade barriers.
The body acknowledged the
worsening macroeconomic convergence among member states but urged members to
improve performance especially as the deadline for setting up a monetary union
nears.
Member countries have been
discussing regional integration for the past decade.
In 2003, ECOWAS members agreed
that a harmonised passport would ease travel across the region and Nigeria
began issuance of the travel document in July 2007.
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