In the past, Nigeria had cause to withdraw from the effort at a common currency and the reasons for Nigeria’s reluctance were well articulated. Since the common currency project was conceived, the prerequisite political and economic environment for attainment had been missing. Across the region, linkage with erstwhile colonial rulers and dependence on aid hinder formulation of the necessary macro-economic policies that will engender confidence in a common currency. He then reiterated the decision of the leaders to retain previously established criteria in order to ensure credibility of the proposed common currency. If there is the will in the leadership in each country, there is hope for a common currency for West Africa at some date.

Source: The Guardian November 13, 2017 03:22 UTC