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Bullion

Keywords

ECOWAS, Single currency, Economic integration, Monetary union

Abstract

The issue of single currency in West Africa has long been on the agenda of the political and monetary authorities since the inception of ECOWAS in 1975. The principal aim of economic and monetary integration effort was to expand intra-community trade. As obtained in other regional blocks especially in the euro area where a single currency the, 'Euro' is used. ECOWAS identified a number of impediments to the development of inter-regional trade. which include multiplicity of currencies, widespread controls and restrictions on exchange transactions. Consequently, member central banks and other relevant agencies adopted brood and diverse set of statistical data, namely budget deficits. Inflation, external reserves. central bank financing of the previous year's budget, domestic arrears and tax revenue. These criteria are needed to guide the Convergence Council in policy decisions and thus timely rendition of data couple, with other ECOWAS integration programmes such as the payment system development statistical harmonization and ECOMAC database. ECOWAS Trade liberalization Scheme (EILS) and other issues are required to fast-track the 2020 project.

Author Bio

The author Olorunyomi L. Akinboyo, is with the Monetary Policy Department, Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

2

Volume

35

Included in

Finance Commons

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