Naira Depreciation Threatens Adoption Of ECOWAS Single Currency
The Economic Community of West African States, on Thursday said that the depreciation in Naira will likely affect the adaptation of ECOWAS single currency in West Africa.
Out-going chairman of the committee on Macroeconomic Policy Committee on Multilateral Surveillance, Ommy Sar Ndaiye disclosed this during a two-day technical meeting in Abuja.
She said that the depreciation of the value of the naira and other economic challenges facing member states were affecting the economy of the entire region and also the plans for the adoption of the single currency in the region.
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“The depreciation in value of the Naira and other economic factors in Nigeria are affecting ECOWAS. We all know that whatever happens in Nigeria weighs heavily on our economies. If there are challenges there, it would reflect on the region,” she said.
She also said that the committee members should look inward and find better ways to strengthen economic ties within the region.
Mamadou Traore, the Commissioner of ECOWAS Macroeconomic Policy and Economic Research, In his remarks said that the aim of the session was to take a look at the 2015 report, monitor, evaluate and make appropriate recommendations that would help revive the economy of member states, lamented that “despite efforts by the commission to strengthen the economy of ECOWAS, the economy is still vulnerable to external shocks.”
He urged member states to update their database on a regular basis on measures that would drive economic growth and also furnish same to the commission for proper information.
