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Nigeria reaffirms commitment to ECOWAS single currency initiative

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the nation’s dedication to implementing a single currency for the Economic Community of West African States (ECOWAS).

The proposed currency, ECO, is envisioned to drive economic growth and development across the West African region.

In a statement released by finance ministry spokesman Mohammed Manga, Edun expressed Nigeria’s unwavering commitment to the single currency during a virtual high-level committee meeting held in Abuja on Thursday.

The meeting brought together key stakeholders, including representatives from the Central Bank of Nigeria (CBN), Cape Verde’s Finance Minister Olavo Correia, Cote d’Ivoire’s Finance and Economic Affairs Minister Adama Coulibaly, and Ghana’s Finance Minister Mohammed Amin Adam, among others.

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During the session, Edun underscored the significance of the ECO in promoting economic integration, facilitating trade, and enhancing monetary stability among the fifteen ECOWAS member states.

“The implementation of the ECO is crucial for fostering economic growth and development in our region,” Edun stated, highlighting Nigeria’s role in ensuring the successful rollout of the single currency.

The initiative aims to create a more integrated and stable economic environment in West Africa, paving the way for seamless trade and robust economic cooperation among member nations.

With Nigeria’s continued commitment, the region moves closer to realizing the benefits of a unified monetary system.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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