{"id":29880,"date":"2022-06-15T05:13:02","date_gmt":"2022-06-15T05:13:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=29880"},"modified":"2022-06-15T05:13:02","modified_gmt":"2022-06-15T05:13:02","slug":"ecowas-pushes-launch-of-single-currency-to-2027","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/15\/ecowas-pushes-launch-of-single-currency-to-2027\/","title":{"rendered":"ECOWAS pushes launch of single currency to 2027"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\">\n<h1 class=\"entry-title\"><span style=\"font-size: 16px\">Mr Jean-Claude Brou, President of thEconomic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency \u201cECO\u201d in 2027.<\/span><\/h1>\n<\/header>\n<div class=\"entry-content\">\n<p>Brou made this known on Tuesday while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/03\/02\/ecowas-parliament-meets-in-monrovia-on-regions-security-political-situation\/\">Parliament in Abuja.<\/a><\/p>\n<p>Brou said that the process of launching the single currency was stalled following the outbreak of the COVID-19 Pandemic from 2020, as countries needed to focus on handling the pandemic.<\/p>\n<p>He explained that the convergence criteria had to be thorough so that the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2021\/11\/24\/india-to-ban-cryptocurrencies-and-regulate-the-countrys-official-digital-currency\/\">currency<\/a> once implemented will serve the citizens effectively.<\/p>\n<p>\u201cWe had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.<\/p>\n<p>\u201cAnd so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favorable condition to introduce the single currency.<\/p>\n<p>\u201cBecause you can introduce the currency but what is required is that it should be of quality.<\/p>\n<p>\u201cIn other words, it should serve the needs of the population and also should inspire confidence and trust in in the population.<\/p>\n<p>\u201cSo that is the main objective, to ensure that the convergence criteria is been followed,\u201d Brou said.<\/p>\n<p>Rep. Awaji Abiante, Member of the ECOWAS Parliament and Nigerian lawmaker representing Andoni-Opobi\/Nkoro <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/07\/2023-elections-balogun-clinch-pdp-ticket-for-epe-federal-constituency\/\">Federal Constituency<\/a> of Rivers, said that the delay in the launch of the currency is to avoid any form of crisis.<\/p>\n<p>Speaking to journalists on the sideline of the session, Abiante said that the single currency is work in progress and there is hope that sometimes it will work.<\/p>\n<p>\u201cEvery good thing comes with its challenges so getting the economies of the 15 member states to agree on that transaction and how it can be moved forward.<\/p>\n<p>\u201cIf it is hurried, definitely it could run into crisis so it is good to have every aspect of it discussed, agreement reached, such that it will be implementable,\u201d Abiante said.<\/p>\n<p>On the sustainability and benefits of the currency, Abiante said that until it is implemented, one cannot say how viable it would be.<\/p>\n<p>\u201cWhatever anybody says, it is just going to be mere projections, it is only when it is implemented that you will see the benefits.<\/p>\n<p>\u201cBut simply put, it will ease transactions, it will open up the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/09\/buhari-hosts-ican-president-says-professionals-are-livewire-of-economies\/\">economies<\/a>, it will make it freeer for people to engage in both commercial and industrial activities,\u201d he said.<\/p>\n<p>Reports it have that in June 2019, the Authority of ECOWAS Heads of States and Government committed to having a single currency and adopted the name \u201cECO\u201d during its Extraordinary Session in Abuja.<\/p>\n<p>The currency was expected to be launched in 2020.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mr Jean-Claude Brou, President of thEconomic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency \u201cECO\u201d in 2027. Brou made this known on Tuesday while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":29913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[7],"tags":[5375,251,5886,4945],"class_list":["post-29880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-currency","tag-economy","tag-launched","tag-session"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ECOWAS pushes launch of single currency to 2027 &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/06\/15\/ecowas-pushes-launch-of-single-currency-to-2027\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECOWAS pushes launch of single currency to 2027\" \/>\n<meta property=\"og:description\" content=\"Mr Jean-Claude Brou, President of thEconomic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency \u201cECO\u201d in 2027. 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