Author Topic: WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2  (Read 2039 times)

Offline charlesmudy

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WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« on: December 05, 2008, 07:26:53 PM »
I dont just understand Nigerian government with senseless and low thinking, I dont just understand why all this and how come we have so much daft poeple in Nigeria government.   its just so annoying they cant think straight of makes things so accurate and sensible but all they focus on is how to steal. 

Most countries are now uniting to form one monetary currency zone, Asia and American continent will be starting soon and we all know Europe is already using Euro.    I dont know why Africa is always the last and why the government cant just make things right instead of stealing and cursing corruption to the African countries, West African countries (ECOWAS) is the fastest growing union in africa and so far they have being improving slowly and now they are they want to introduce one west African currency. 

Some west African countries (Benin, Burkina Faso, C?te d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo) who where colonised by France are presently using one currency "CFA Franc"  which is equivalent to Euro currency, So the rest of the British colonised contries (Gambia, Ghana, Nigeria, Sierra Leone, Guinea, Liberia) now want to create a new currency called "ECO" by december 2009 which will make a single currency that will be spend in this named countries.  (Cape Verde would then also join)

The currency will be equivalent to Euros and definately higher than US dollars, The currency will be a good start of development growth to the pre-developing country like Liberia and Sierra Leone and will bust west african markets and trades.   The little floop now is the west africa will have 2 currency under one union ECOWAS, This wont make the countries economy stable and their will still be some retrictions in the region due to the different monetary zone UEMOA and WAMZ, This will also curse instability of the market tradings within this region which might affect the ECOWAS market exchange with foriegn countries such like China and the EU.   I believe they and should create a single currency or merge up with the CFA Franc to have one currency which will represent single currency for west africa just like the ECOWAS PASSPORT. 


I wish to have contributions from everyone what you think according to the economic analysis of the global market of the west african countries.  .  .  All seems to need Nigeria including the whole Africa. 

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« Last Edit: December 05, 2008, 07:29:50 PM by charlesmudy »
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WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« on: December 05, 2008, 07:26:53 PM »

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Offline furtune

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Re: WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« Reply #1 on: December 06, 2008, 03:08:13 PM »
Using one currency would not favor Nigeria as a whole.
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Offline perfect

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Re: WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« Reply #2 on: December 06, 2008, 04:40:03 PM »
If Currency uniformity in Africa is  implemented is really welcome development, but the issue is when?

Offline charlesmudy

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Re: WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« Reply #3 on: December 06, 2008, 05:31:07 PM »
Quote from: furtune link=topic=15843.   msg117207#msg117207 date=1228572493
Using one currency would not favor Nigeria as a whole.  

My brother infact Nigeria will be the most favoured in the Idea due to our poor foreign exchange rate and slow development and trading markets, The issue is just that Nigeria has to make most of the decisions due to our large population and annual budget amount and the fact we have the highest trade market in  Africa.  

It will make our economy twice stronger and also create a fair trade within the west Africa region and will give a chance to foreign investors to come invest in Nigeria due to our large global market and stable/recognize/strong currency (that is if we use the new one ECO)

I dont think Africa can use one currency or even if they can it will take decades, so the best is to implement this within west African country where there is free and smooth access to labour market and fair trading.    Nigeria needs this soooooooo much, I wish they cant find a way to combine with CFA Franc instead of creating a new Currency under one Economic communities.   .   .   this is no too sensible to me.  

"perfect " The currency will take up off 1st of December 2009 in 6 west African countries including Nigeria and the name will be ECO, it will stronger than dollars and a little higher than Euros or euivalent to Euros.  They are not sure yet due to the other poor country Like Liberia and Serria Leon.
« Last Edit: December 06, 2008, 05:35:23 PM by charlesmudy »
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Re: WEST AFRICAN COUNTRIES SHOULD HAVE 1 CURRENCY NOT 2
« Reply #3 on: December 06, 2008, 05:31:07 PM »

 

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