Business

ECOWAS suspends single currency for political reasons

Published

2 years ago

September 3, 2024

OCHEFA

434 Views

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.

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

6 hours ago

July 22, 2026

OCHEFA

7 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.

Business

Naira Exchange Rates Wednesday, July 22

Published

13 hours ago

July 22, 2026

OCHEFA

21 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 day ago

July 21, 2026

OCHEFA

33 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.