Categories: Economy

FG committed to establishment of ECOWAS Central Bank–Finance minister

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the Federal Government is committed to the establishment of Economic Community of West African States’ (ECOWAS) Central Bank.

Ahmed said this at a meeting of Ministerial Committee of Ministers of Finances and Governors of Central Banks in West Africa on ECOWAS single currency in Abuja on Friday.

She urged the committee members to dispassionately engage in honest discussion to come up with a befitting name and a deserving occasion for the future of ECOWAS Central Bank, bearing in mind the terms of reference and conditionalities outlined by the working group.

“We should be able to choose a name that is outstanding and supportive enough to drive these aspirations; an advocate that guarantees trust and possess a measure of solidarity as well as our collective strength.

“Nigeria will do everything possible to support this course and ensure it is achieved,” she said.

She noted that Africa and the global community were currently in a moment of gross expectations, as decisions taken at the conference would have direct implication on the monetary policies and economic management of the various ECOWAS countries.

Mr Jean-Claude Kasi, the President of ECOWAS Commission said the monetary union would be inaugurated in 2020.

Kasi thanked the Nigerian government for its support and cooperation to the course of single currency for the region.

He said in spite of the achievements recorded, “we all know much work needs to be done to get the ultimate objective of a strong monetary union which could serve the economic and social development of our region and people.

“On the vulnerability of the regional economy to external shocks, we need to collectively work in an adequate manner to deal with our common challenges by ensuring we remove all the difficulties,” he noted.

Nigeria News Agency reports that the meeting was attended by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele as well as his counterparts from countries within the ECOWAS region.

Edited & Vetted By: Ifeyinwa Okonkwo
(NAN)

 

NNN

is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

Recent Posts

Fire razes shops at plank section of boundary market, Ajegunle

Traders of the plank section of the boundary market, at the Ajegunle area of Lagos…

3 hours ago

United States executes first Black man since resumption of federal death penalty – Media witness

The United States government has executed the seventh inmate and first Black man since the…

1 day ago

My ”surprise resignation” was forced by Pope Francis- says Italian Cardinal

Italian Cardinal Angelo Becciu on Friday said his surprise resignation was forced by Pope Francis,…

1 day ago

Cobbler bags 8 months imprisonment for stealing iPhone

An Upper Area Court sitting in Kasuwan Nama in Jos on Friday sentenced a 21-…

1 day ago

Gov. Lalong inuagurates 2020 NAFEST committee

Gov. Simon Lalong of Plateau has inaugurated a 32-member steering committee to organise this year’s…

1 day ago

Malnutrition: UNICEF harps on exclusive breastfeeding, complementary feeding

The United Nations Children’s Fund (UNICEF) has advised nursing  and lactating mothers to ensure exclusive…

1 day ago