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ECOWAS suspends single currency for political  reasons

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The Economic Community of West African States (ECOWAS) has suspended its long-anticipated plan to implement a single currency, the ECO, after years of setbacks and struggles to bring the initiative to fruition.

The decision was disclosed by Edwin Melvin Snowe Junior, a prominent member of the ECOWAS Parliament and Co-chair of multiple joint committees within the organisation, during a recent interview with journalists in Banjul, Gambia.

The ECOWAS single currency initiative, first proposed in the late 1990s and gaining momentum in 2000 with the establishment of the West African Monetary Zone (WAMZ), aimed to create a unified currency for the 15-member regional bloc.

The ECO was envisioned as a cornerstone for economic growth and development, simplifying transactions, reducing currency exchange challenges, and fostering a more integrated and prosperous West African region.
However, the ambitious project has faced numerous obstacles, particularly political challenges, which have now led to its indefinite postponement.Snowe Junior, said that the roadblocks are largely political rather than economic or technical.
The single currency is a work in progress. It has its own political implications.

“There have been a lot of political situations that need to be addressed. It’s not that we don’t have competent economists or analysts to implement it”, Snowe Junior explained.

A significant hurdle in achieving a single currency is the need to integrate the French-speaking countries’ use of the CFA franc, which is tied to France with reserves held there, alongside the Anglophone countries.
This complex arrangement requires significant political will and negotiation.

“So, it still needs a lot of political will, and that is why the last three countries that had coup d’état are talking about changing their currencies because their reserve is in France and not in West Africa or Africa,” Snowe Junior noted.

To address these challenges, ECOWAS is now considering a revised plan to establish separate currencies for the Anglophone and Francophone countries as a step towards eventual unification.

“We propose that Nigeria, along with Ghana, Liberia, Gambia, and Sierra Leone — the five English-speaking countries — could have one currency for now.

“Then, the Francophone countries could have another currency. Over the years, these two currencies could potentially merge into a single currency”, Snowe Junior said.

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Nigeria’s non-oil exports climbed by 24.7% to $1.79 billion in Q1 – NEPC

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The Nigerian Export Promotion Council, NEPC, has said Africa’s most populous country’s non-oil exports increased by 24.75 percent to $1.791 billion in the first quarter of 2025.

The executive director of NEPC, Nonye Ayeni, disclosed this on Monday in Abuja.

According to her, the increase in non-export showed increased commitments and efforts towards improving the sector in the period under review.

“This year, the Nigerian Export Promotion Council (NEPC) reported the highest value of export since it was established 49 years ago, with a year-on-year increase of 20.77 percent, from $4.517 billion in 2023 to $5.456 billion in 2024.

“Nigeria’s non-oil products exported in the first quarter of 2025 were valued at US$1.791 billion.

“This is a 24.75 percent increase over and above the $1.436 billion reported in the first quarter of 2024″, Ayeni stated.

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Petrol price drop pushing cooking gas costs downwards – IPMAN

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The Independent Petroleum Marketers Association of Nigeria has explained how the reduction in the price of Premium Motor Spirit pushed the price of liquefied petroleum gas, popularly known as cooking gas, down.

This comes after due observation that the cost of refilling a 12.5-kilogramme cylinder of cooking gas reduced to N16,250 from N17,500 in some retail outlets in the Federal Capital Territory, Abuja.

This means that 1kg of cooking gas is now sold for N1,300, from N1,400 last month in Abuja.

Meanwhile, in filling stations or gas stations, 1kg of cooking gas is sold between N1,050 and N1,150, compared to N1,200 and N1,400 in previous months, depending on the location in Abuja.

In Lagos State, the price of cooking gas fell to approximately N13,750.00 as of April 2025, depending on the area, from N17,283.58 for 12.5kg in November last year, according to National Bureau of Statistics data.

The downtrend in the price of LPG is also experienced in Edo, Delta, Niger, and other states in Nigeria, with consumers having to save at least N1,000 for refilling either a 12.55kg cylinder or a smaller quantity.

The development follows the recent drop in the price of petrol to between N910 and N950 per litre from N940 and N970 by Nigerian National Petroleum Company Limited retail outlets, petrol retailers, and retail partners of Dangote Refinery.

According to the Nigerian Midstream Downstream Petroleum Regulatory Authority, NMDPRA, the country consumes 1.4 million metric tonnes of LPG annually.

Accordingly, this translates to 1.4 billion kilogrammes. At the current average price of N1.4 billion per kilogramme, consumers will spend N1.82 trillion yearly, a reduction from N1.96 trillion.

While Nigeria produced 600,000 tonnes of cooking gas locally, the country imported 800,000 tonnes to meet the 1.4 million metric tonnes total yearly demand.

Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said in an interview that the marginal drop in the price of LPG is expected following the reduction in the price of petrol.

According to him, alternative energy sources in the country’s downstream sector have impacted the price of competing products.

“When the petrol price was high, liquefied petroleum gas was used as an alternative to fuel for some generators.

“Now that the price of petrol is going down, the LPG marketers and producers have dropped their prices in line with the international factor and exchange rate.

“The alternative choice of energy in the downstream sector has impacted the prices of competing petroleum products. The pricing of petroleum products affects the behaviours of consumers.

“That is the beauty of deregulation.

“The price may drop further in the coming month depending on the international and domestic market matrix,” he said.

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FIRS Orders Banks to Close All Unauthorised Tax Collection Accounts

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The Federal Inland Revenue Service (FIRS) has directed banks to immediately identify and close any FIRS tax and levy collection accounts not authorized under the TaxPro Max system.

The FIRS Chairman, Zacch Adedeji, in the entitled Directive to Close Unauthorised FIRS Tax Collection Accounts,’ said “effectively immediately, all tax and levy collections on behalf of FIRS must be processed exclusively under an assessment raised on the TaxPro Max platform.

The TaxPro Max is a homegrown tax administration platform that facilitates tax-related activities, including registration, filing, payment, and issuance of tax clearance certificates, among others .

The decision was part of the ongoing efforts to boost efficiency and transparency in tax collection as well as ensure uniformity and seamless reconciliation of tax payments.

It said : ” All banks participating in the FIRS Collection, Remittance and Reconciliation Scheme are hereby advised to comply with this directive within the stipulated period.

“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process.”

FIRS urged taxpayers and other stakeholders to reach out to the Revenue Accounting and Refund Department (RAAD) in FIRS for any clarifications or support regarding the directive.”

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