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Emefiele Emerges Chairman West Africa Monetary Zone

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been elected chairman of the West Africa Monetary Zone (WAMZ).

Emefiele got the honour via a unanimous election at the ongoing WAMZ sub-regional meeting in Abuja, the nation’s capital.

“A lot of work needs to be done, especially in respect of the attainment of ECOWAS single currency by 2020,” the CBN governor said, while accepting the post.

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He further noted that everything that is required to be done would be actualised towards the achievements of the objectives of the regional organisation.

In 2000, five Western African Countries (the Gambia, Ghana, Guinea, Nigeria, and Sierra Leone) established the WAMZ. At the same time was set-up the West African Monetary Institute (WAMI).

The main objectives of WAMZ are; to promote the trade integration in the region, facilitate the foreign trade and financial operations, harmonise the legislation and statistics, and develop payment systems to encourage the macroeconomics convergence.

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While reiterating Nigeria’s unflinching commitment towards the single currency project in the sub-region, the CBN Governor urged member countries to work towards achieving the convergence criteria.

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