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CBN Gov Says ECOWAS Single Currency Deadline May Not Be Achieved

The Central Bank of Nigeria Governor, Mr Godwin Emefiele, says the deadline for the commencement of single currency in January 2015 by the Economic Community of … Continue reading CBN Gov Says ECOWAS Single Currency Deadline May Not Be Achieved


CBN Governor, Godwin Emefiele

cbn governorThe Central Bank of Nigeria Governor, Mr Godwin Emefiele, says the deadline for the commencement of single currency in January 2015 by the Economic Community of West African States is not likely to be achieved.

At the ongoing meeting of the West African Central Bank Governors holding in Abuja, Mr Emefiele, on Wednesday, called on leaders in the region to redouble efforts in maintaining fiscal and monetary supervision in their countries.

“It is unlikely at this time. Despite this disappointing update, we need to use the new period created by this to redouble our efforts toward the final realisation of this objectives.

“In this regard, there is need for the intensification of effort towards meeting the laid down convergence material, in sensitisation of all stakeholders in the ratification of various West African monetary zone protocols and in their consequent implementation,” Mr Emefiele said.

He also called for an enabling environment that would boost regional trade integration amongst members of the ECOWAS.

the Nigeria’s apex bank boss emphasised that, as Central Banks and Financial regulators efforts must be made to continue to develop a sound banking and payment system that would be efficient, reliable, integrated and capable of facilitating the required rapid trade expansion in the region.