ABUJA, (Xinhua) --
It is a challenging task to achieve a single
currency for the Economic Community Of West African States (ECOWAS)
by 2020 although efforts are being made toward the goal,
Geoffrey Onyeama, chairman of the bloc’s Council of Ministers,
said on Sunday.
Onyeama, who is also
Nigeria’s Foreign Affairs Minister, made the remarks a day after
the 54th Ordinary Session of the ECOWAS of Heads of
State and Government in Abuja on Saturday.
The official said
there were certain criteria that needed to be fulfilled for a
region to achieve the single currency, and which were not yet
Although there is
political will to achieve the goal, certain economic and fiscal
realities are posing challenges, he said.
The Eco is the
proposed name for the common currency that the West African
Monetary Zone plans to introduce under the framework of ECOWAS.
introduction, the goal is to merge the new currency with the
West African CFA franc used by the French-speaking member-states
of ECOWAS to create a common currency for much of West Africa.