The Central Bank of Nigeria (CBN) has said , has said that Nigeria would meet all the necessary criteria towards meeting the Economic Community of West African States (ECOWAS) single currency,
Deputy Governor, Economic Policies, Dr Sarah Alade, made this known at the 37th Technical Committee meeting of the West African Monetary Zones in Abuja stating that the country was the only country in the region that had met the “primary convergence criteria”, which were set for the member-states in 2013.
The primary criteria are four and include attainment of single-digit inflation rate at the end of each year and fiscal deficit of not more than four per cent of Gross Domestic Product (GDP).
Alade recalled that the deadline for the West African Monetary Zone (WAMZ) countries to achieve monetary integration was set on Jan. 1, 2015, adding that it was intended to replace the two-track monetary integration slated for Jan. 1, 2020.
“The modified revenue approach under the aegis of ECOWAS was approached by assembly of Heads of State and Government to replace the two-track approach to monetary integration in ECOWAS for Jan. 1, 2020.
“This exercise is very important given the state of the macro economic convergence in the WAMZ, where Nigeria is the only country that satisfied all four criteria in 2013,’’ she said.