Towards a Single Monetary Zone in the ECOWAS Sub-Region: A Progress Report

Authors

S. E. Omoruyi, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Single Monetary Zone, ECOWAS, West Africa, Economic Integration, Monetary Cooperation

Abstract

The call for a common currency for the West African sub-region has been considered generally as a veritable vehicle for achieving the primary objective of establishing exchange arrangements for free intra-regional payments. Such arrangements are deemed necessary to promote faster growth of intra-regional trade, and thereby foster economic development in the ECOWAS sub-region. Pursuant to this objective, the Authority of the Heads of State and Government of ECOWAS took a decision that studies be commissioned on the possibility of creating a single monetary zone in ECOWAS sub-region. Following that decision, the Committee of Governors of Central Banks of ECOWAS at its meeting in Dakar in September 1983, set up a Study Group under the auspices of the ECOW AS Secretariat.

Author Bio

The author is a Chief Research Officer of the Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

2

Volume

27

Recommended Citation

Omoruyi, S.E. (1989). Towards a Single Monetary Zone in the ECOWAS Sub-Region: A Progress Report. CBN Economic and Financial Review. 27(2), 71-72.