In the process, the other seven countries in ECOWAS, especially Nigeria and Ghana, have been left desperately clutching at straws. Essentially, there are yawning gaps in the harmonisation of microeconomic policies of the member-states, non-compliance with currency convergence criteria and the non-consensus regarding the choice of monetary policy. With the African average at 17.26 per cent, Nigeria is unable to support a robust economy itself. should not rush Nigeria into the eco bandwagon just yet. The regime should work to put the economy on a sound footing before taking any decision to embrace the sub-region’s currency convergence.

Source: Punch January 05, 2020 23:03 UTC