Project Manager of NIB on Eco Currency for West African Countries

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In Season One Of #BusinessIndex Abdul Raafi Mohammed guest was Former Senior Project Manager of National Investment Bank. The discussion was the one Common Currency for West African Countries. 





According to the Senior Project Manager of National Investment Bank  Six ECOWAS nations have been planning to introduce a common currency, known as the eco, in a new monetary union, the West African Monetary Zone (WAMZ). The body set up to make the technical preparations for the transition, known as the West African Monetary Institute (WAMI), has postponed this implementation several times.


Most WAMZ members have failed to achieve the prescribed economic indicators needed for the smooth take-off of the common currency: single-digit inflation, central bank financing of government deficit of less than 10% of the previous year’s revenue, a government budget deficit of no more than 4% of GDP, and enough foreign exchange reserves to cover three months of imports.

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