Okonjo-Iweala discusses single currency in West Africa

Okonjo-Iweala Nigeria’s Minister of finance, Dr. Ngozi Okonjo-Iweala, on Friday shed light on the issue of having common currency for West African countries.

Speaking at the 31st meeting of the convergence Council of Finance Ministers and governors of Central bank of West Africa nations in Abuja, the Minister told the participants that they should realise how difficult it will be to establish a credible, viable and sustainable West African monetary union.

According to her, “the journey has not been smooth, will not always being smooth and there will be periods when our collective aspiration will be tested.”

She also stated that the establishment of a single currency in the West African zone cannot be achieved by an act of law only.

She said, “A single currency cannot be introduced only by means of an act of law; it requires action by the monetary authorities and by market participants in other to make it viable and sustainable.”

The political will critical for achieving the goal, according to her, is available but the will to implement the necessary reform is needed from member states.

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