By Emma Ujah,  Abuja Bureau Chief  

There are indications that the quest for a single currency by the West African  Monetary Zones (WAMZ) would take much longer time to achieve as the convergence indicators have declined significantly.  

Dr. Olorunsola Olofeso, the Director- General of WAMZ, who disosed this in Abuja last week, said, “The assessment of Member States’ performance reveals that, as at the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria. 

 

“The Zone’s performance score declined to 29.2 percent, compared to 41.7 percent during the same period in 2022.  

“The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member States will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027).”

In his address,  the Minister of Finance and Coordinating Minister for the Economy,   Mr. Wale Edun said that   Nigeria remained committed to achieve the objectives of WAMZ.