Could this be the end of the CFA Franc?

President of ECOWAS Commission Ivorian Jean-Claude Brou speaks during the inauguration of the newly built Nigeria-Benin joint border posts at Seme-Krake in Badagry district of Lagos, Nigeria's commercial capital on October 23, 2018. - The presidents inaugurated the newly built Seme-Krake joint border posts of the two countries to enhance free movement of people and goods and economic activities in the region. (Photo by PIUS UTOMI EKPEI / AFP)

The Economic Council of West African States (ECOWAS)’s regional bloc has reaffirmed its commitment to adopting a single currency starting with selected states next year.

President of the Senegal National Assembly, Moustapha Niasse, announced this at a recent ECOWAS seminar in Dakar addressing the prospects and challenges around the proposed unified monetary unit.

Jean-Claude Kassi Brou, ECOWAS Commission President and Moustapha Cisse Lo, the Speaker of the Community Parliament were also in attendance.

Speaking at the event, 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” and called on all stakeholders to implement the revised road map on the single currency.

He also adds the need for the ECOWAS Parliament to facilitate sensitisation and information on the single currency programme and to contribute to improving understanding of the process by the public and private sectors, encouraging them to take ownership of it.

The Parliament reiterated the 2020 deadline for the single currency’s establishment requesting the authority of heads of state and governments to take a firm stand regarding compliance.

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