Indications have emerged that the quest for a single currency by the West African Monetary Zones (WAMZ) would take much longer time than anticipated to achieve as the convergence indicators have declined significantly.
The Director-General of WAMZ, Dr. Olorunsola Olofeso, disclosed this in Abuja on Friday.
Dr. Olofeso said, “The assessment of Member States’ performance reveals that as at the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria.
“The Zone’s performance score declined to 29.2 percent, compared to 41.7 percent during the same period in 2022.
“The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member States will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027).”
The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said in his address that Nigeria remained committed to achieving the objectives of WAMZ.
Read Also: Anyigba Robbery: Police deploy tactical teams in Kogi
and then