Indications are rife that the quest for a single currency by the West African Monetary Zones (WAMZ) will not be happening anytime soon as the convergence indicators have declined significantly.
Director- General of the West African Monetary Institute (WAMI) Dr. Olorunsola Olofeso, who disclosed this in Abuja said The assessment of Member States’ performance reveals that, as at the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria; adding that the Zone’s performance score declined to 29.2 percent, compared to 41.7 percent during the same period in 2022.
“The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member States will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027).”
In his address, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun expressed Nigeria’s commitment to achieving the objectives of WAMZ.
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