It was agreed upon nations of West Africa in ECOWAS that a single currency be adopted by 2020. The Economic Community of West Africa States wants to strengthen economic and political ties among its members. This can be very positive news with Africans developing solutions rather than seeking advice form the International Monetary Fund or World Bank. Some may question what would currency do in the long term plan of development. It may make transactions easier with a single currency and may also encourage more collaboration among the 15 member states. If this can be successful then, it may serve as an experiment for not just a regional currency, but a currency for the entire African continent. It would make no sense for East Africa, Southern Africa, Central Africa, and North Africa to have single region based currencies. The African Union must consider in the future of having one currency for the entire continent. The challenge is development, employment, and a common political consensus among African nations. The eco does have a level of risk, but at the same time it means West African nations will not be so economically dependent on France. Much of the success of the eco will depend on the policies of both Nigeria and Niger. President Mahamadou Issoufou has succeeded the office of Chairmen of ECOWAS form President Muhammadu Buhari. So far, he has not made any official policy statements about the monetary policy related to the eco.
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