Connect with us

Business

ECOWAS set to unveil single currency’ called ECO

Published

on

FILE PHOTO: ECOWAS Commission, Abuja office
Spread the love

Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans to launch the single currency initiative, known as the ECO.

This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement.

The single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission and set for roll-out by August.

A statement from the Ministry of Finance signed by the Director Of Press, Mohammed Manga, on Friday, said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted the critical role the ECO will play in fostering “economic growth and development in the region,” further emphasising Nigeria’s unwavering commitment to its successful implementation.

The meeting marks a significant milestone on the path towards realising this ambitious goal.

The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states.

“The vision for the ECO extends beyond a mere currency.  It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.”

This week’s gathering brought together key players instrumental in making this vision a reality including the Minister of Finance of Cape Verde, Mr. Olavo Correia, the Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam amongst other representatives.

These figures, along with others, formed a collaborative force dedicated to shaping the future of West African economics.

According to the statement, “The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction.  Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states”.

Business

Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

Published

on

Spread the love

Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

The traders expressed their joy in separate interviews with NAN on Friday in Lagos.

According to the report, there has been a slight drop in the price of beans that has consistently risen in the past few months…

Continue Reading

Business

Naira Gains ₦14.94 in Official Market, Improves in Parallel Trade

Published

on

Spread the love

 

The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Akelicious reports that the naira has experienced fluctuations throughout the week.

This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

Kindly follow Ekwutosblog for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

Continue Reading

Business

Bank workers blame CBN as cash shortage worsens

Published

on

Spread the love

 

The Association of Senior Staff of Banks, Insurance, and Financial Institutions has attributed the worsening cash shortage across the country to the Central Bank of Nigeria’s inability to meet the cash demands of commercial banks.

Speaking with The PUNCH, ASSBIFI President, Olusoji Oluwole, highlighted the dire impact of the scarcity, particularly as the festive season approaches, with increased demand for cash for shopping and business transactions.

“In terms of (the cash) scarcity, this is something that has not ended since the redesign of the naira,” Oluwole said.

Oluwole explained that banks have only two primary sources of cash – the CBN and retailers.

“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he explained.

He noted that the apex bank has failed to meet the cash demands of banks, while retailers profit by selling cash instead of depositing it back into the banking system.

“But, of course, it is beginning to become more pronounced now that we’re heading towards the Christmas celebrations, where a lot of people are going to need money to carry out their shopping and other businesses.

“Banks are not in a position to force retailers to bring the cash to banks,” he added, describing how this dynamic exacerbates the scarcity of cash in Automated Teller Machines and across bank counters.

Citing statistics, Oluwole stated that banks collectively require at least N20m daily to operate, with ATMs needing approximately N8m each and N4m over the counters.

He stressed the importance of CBN providing clear statistics on cash circulation to improve distribution efficiency.

“For us, we are not interested in trading games like we were doing last year but looking for solutions. The solution, one, is for CBN to have clear statistics, so that they understand where they are, how they are circulating, and where they are circulating to,” he said.

Oluwole also advocated for a shift towards less dependency on cash, emphasising that a cashless economy is cheaper, safer, and more efficient for the economy.

“An economy that operates in a cashless manner does better than a cash-dependent economy. It is a proven thing all over the world,” he stated.

In addition, the ASSBIFI President called for security agencies to crack down on illegal currency trading.

You cannot be selling cash. You cannot sell your currency to people for a profit at discounted rates. It is not done anywhere,” Oluwole emphasised.

He urged authorities to investigate reports of point-of-sale operators buying cash from fuel stations and supermarkets.

Oluwole concluded by reiterating that no bank deliberately withholds cash from its customers.

“No bank wants to starve its customers of cash. It does not make sense for any bank to hold on to cash, but you can only give what you have,” he said.

“As the cash crisis persists, stakeholders are urging the CBN to act swiftly to address these concerns and alleviate the strain on both banks and the public,” Oluwole stated.

Also, the National Coordinator of the Human Rights Writers Association of Nigeria, Emmanuel Onwubiko, in a statement criticised the CBN and its Governor, Olayemi Cardoso, for their mishandling of monetary policy, holding them responsible for the resulting widespread hardship.

He further highlighted how cash scarcity has left millions, especially in rural areas, unable to conduct transactions, pushing small businesses, artisans, and daily wage earners deeper into poverty.
“Nationwide, long bank and ATM queues have become the norm, with depositors unable to access their funds despite sufficient balances,” he added.

Onwubiko argued that the crisis reflects not just poor monetary policy but also deeper systemic issues within Nigeria’s economy.

He urged President Bola Tinubu to intervene swiftly to stabilise the banking system and avert economic collapse.

The group also called on the National Assembly to summon the CBN Governor for accountability and oversight.

Continue Reading

Trending