Nigeria’s Preparedness For Monetary Union In West Africa

In 2000, an official commitment to a common West African currency (the Eco) was stated at the launch of the West African Monetary Zone (WAMZ).  Since then, its implementation has been postponed a number of times—2020 is the latest date put forward.

At the 4th meeting of the Presidential Task Force on ECOWAS Currency Programme in Niamey, Nigeria’s president, Muhammadu Buhari, poured cold water on the renewed drive to implement the Eco. Nigeria, he declared, was not in support of the 2020 date. “We are concerned that we have not properly articulated and analyzed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.”

Taking its cue from the president’s declaration, this report examines Nigeria’s state of preparedness for the Eco.