President Buhari has stated that he believes that the members of ECOWAS can’t use single currency
Buhari made this statement in the wake of the plan by ECOWAS to implement the system.
He urged the community to tread carefully and consider the difficulties faced by the EU who has same agenda.
The Nigerian president highlighted some of the challenges that the move might face. One among them was the diverse and uncertain macro-economic fundamentals of many countries.
Apart from that, he also cited the inconsistency with the African monetary co-operation program as a major challenge.
In a written statement, he said:
“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union. To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamental and other pertinent issues.”