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Published On: Wed, Jan 8th, 2020

Delta bankers harp on common currency for W/Africa region

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From Nosa Akenzua, Asaba

Bankers in Asaba and its environs in Delta State on Tuesday expressed fear that the proposed ECO currency would lead to heightened inflation following non sustainability of the currency.
Speaking with our correspondent, Public Relations Officer of WEMA Bank Nigeria plc, Mr Chiedu Chiadika said” My fear is the effect it will have on inflation, because when you have too many goods and few currency purchasing those goods, the naira may be flushed out and you may not have enough ECO currency in circulation. The problem created thus is how people will be able to purchase goods and services thus resulting in high level of inflation.”
Recall that as part of plans to make Africa a more integrated continent, leaders of the Economic Community of West Africa State (ECOWAS) have adopted the name ” ECO” for a planned single currency to be used in the region
Worthy of note is also the fact that Nigeria, a committed member of the ECOWAS community had without hesitation appended her support for the policy by signing it
Mr Chiedu Chiadika, however, stated that since the signing of the policy, banks had not received any mails or information from the Central Bank of Nigeria ( CBN) in relation to the policy implementation, adding that the situation has continued to portend difficulties for the bankers.
On the flip side, the Assistant Administrative Officer, Access Bank Plc, Asaba, Mr Iheakamadu Michael told our reporter that the currency sequentialization would stabilize currency floating both domestically and Internationally , noting that the idea of a common currency for the West Africa region was first mooted 30 years ago.
He adde that “ the development would boost cross border trade and economic development since naira is going out, the economy would grow because each country will want to grow at the same rate with others economically, given that everyone is operating same currency.”

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