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ECOWAS Gives Update On Launching Single Currency

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ECOWAS has given the latest update on the Launching of Africa’s Single Currency, ‘Eco’.

 

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CityNews Nigeria learnt that the West African regional body, the Economic Community of West African States (ECOWAS) has postponed the launch of its planned single currency “ECO”.

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According to a source, the ECOWAS has set a new date for the launch to be announced.

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This online news medium understands that the postponement was contained in a communique issued at the end of the 57th Summit of the Heads of State and Government of ECOWAS.

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The body noted that the postponement was done in order to consolidate the achievements.

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Consequently, a new roadmap for the single currency programme will be developed, CityNews learnt.

Besides, Member States are to be exempted from compliance with the convergence criteria in 2020; while also developing a new macroeconomic convergence and stability pact among the ECOWAS Member States.

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The body, however, agreed to maintain the gradual approach for the launching of ECO.

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