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Wednesday, 9 December 2015

AFRICAN NEWS: ECOWAS To Implement Common Currency In West Africa in 2020

Edeson Online News has been informed of an economic unity agenda in West Africa that will enhance both business and personal relations among West Africans. According to the information we gathered, ECOWAS is working on implemting a Single Currecy in West Africa by the year 2020. In moves to make this dream a realty, the central bank governors of member states meet yearly to analyse and review the level of progress of the currency
process ahead of the implementation time. The implementation of ECOWAS single currency was initially scheduled for Jan.1, 2015s.


Waliu Ariyo Olamide

What are the advantages and the disadvantages of this.

Endy Edeson

@waliu: advantage: a small country within the ECOWAS zone can have access to BIG countries market. e.g. Gambia has just a population of 1.5 Million people, if this ECOWAS policy is implement, Gambia can freely sell their products in Nigeria which has about 150 million people. one of the disadvantage is that bigger countries may tend compete to dominate the system which can result to crisis

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