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The Economic Community of West African States (ECOWAS) Parliament has on Thursday reached a consensus to create a single currency for the West-African region.
The pact was agreed by the parliament during the First Ordinary Session in Abuja, a step towards adopting the ECO, Nairametrics reports.
The West-African body adopted the pact after submissions by its Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget, for the adoption of a Draft Supplementary Act on the Pact.
The Joint Committee, chaired by Hon. Kebba Barrow, stated that the pact would be implemented in two phases, the first phase would focus on Convergence would run from January 2022 to December 2026 while the second phase will centre on stability and commence on January 1, 2027.
According to ECOWAS, the one currency move would enhance a better monetary and financial relationship between the member state
The resolution also outlined modalities for the implementation of the currency.
The resolution, which would later be transferred to the Commission, would ensure regional economic policy coordination with the aims of ensuring a working economic and monetary union leading to economic stability in West Africa.
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