The Economic Community Of West African States (ECOWAS) has disclosed that some member states will start using one currency for regional trade by next year.
ECOWAS consists of 15 countries and they are Benin, Togo, Gambia, Senegal, Sierra Leone, Nigeria, Niger, Mali, Liberia, Guinea Bissau, Ghana, Guinea, Cote D’Ivoire, Burkina Faso and Cape Verde.
Member states see taking up one common currency as a means of enhancing trade and economic integration across the continent.
On the agreement, Speaker of the ECOWAS Parliament, Moustapha Cisse Lo, said: “The single currency will make it possible to lift the commercial and monetary barriers, lower the cost of transaction and spark up economic activities in the region.”
Reports also have it that Cisse beseeched stakeholders to ensure the revised road map on one currency is implemented.
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