Proposal for Common Currency for ECOWAS countries

Last week I attended an intriguing panel discussion hosted by Brookings, with Nigeria at its focus.
There is a proposal among the ECOWAS countries (Economic Community of West African States) to introduce a common currency, as a mechanism to promote stability to that part of the region. The common currency will be called ECO. They suspect that Nigeria would be a big player in the monetary policy-making and could be like the ‘Germany in the context of Euro’, governing regulations, setting monetary-policy etc.
I never thought of Nigeria to be that influential a player in the region. I still think of Nigeria as a poor country and yet oil rich, just as I did when I worked for Nigeria spending a decade on agriculture development in Nigeria.

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