The second common currency for the Economic Community of the West African States (ECOWAS) would take off by December 1, 2009, Governor of the Central Bank of Nigeria (CBN) and Chairman of West African Monetary Agency (WAMA), ChukwumaSoludo has said.
WAMA, which ended its 36th Meeting in Nigerian capital Abuja on Saturday after reviewing the preparedness of its members for the monetary integration, was satisfied with the progress so far and decided that the introduction of the common currency should go ahead as planned, according to Lagos-based Punch newspaper on Monday.
It was learnt that the planned currency is for the English speaking West African countries, while the French speaking West African countries already have a common currency, CFA Francs.
The plan for a common currency integration has suffered several setbacks since the year 2000 when the idea was first floated.
Speaking on the subject, Soludo who was on Friday elected as chairman of the Committee of Governors of Central Banks of ECOWAS assured that barring any contrary decision by the political leaders of the sub-region, the new common currency would be inaugurated on December 1, 2009.
The common currency is aimed at promoting cross-border payments and trade as well as facilitating greater inflow of foreign capital, thereby stemming capital flight in the West African sub-region.
Soludo charged member countries to fundamentally rethink on the need for monetary integration of the sub-region to avert possible financial crisis in the region.
The CBN boss noted that even though Africa is yet to be hit by ongoing global financial crisis, the region needs to take proactive measures through monetary and financial integration.
"The whole world is seriously considering monetary integration. This is the time for us to do fundamental rethinking and we as governors also have the responsibility in terms of sensitisation in our various countries," he was quoted as saying by the newspaper.
"The monetary integration has to boost trade integration. We cannot have real monetary integration without financial integration. We have to deepen the process of monetary integration," he added.
Source:Xinhua
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