NACCIMA said that for this to happen, first, the Naira should be revalued for it to be at par with the American dollar as it was in the 80s.
In a chat with Vanguard,
He argued for instance, "our import cultures have not allowed economic integration and taking orders from other people to run our own country. Again, how can we achieve the economic bloc? We are talking of the Common External Tariff which will take off next year; we are a sub region and not a custom union. For us to be a custom union, incentives, VAT, import duties, tariff and non-tariff must be the same thing.
Today, VAT in
In view of this, he said "If we can develop our economy internally like what happened in the 80s, today the naira can become ECOWAS single currency. I can give you the exchange rates of the Nigerian currency for over 30 years. In 1980 what was the exchange rate? It was between 50 and 60 kobo to the U.S. Dollar. When SAP was introduced it was N4.2 to a dollar in 1986.
"So all we have to do is to work on our own Naira because in the past, people were traveling with the Naira to abroad because the Naira was more or less the single currency in
According to him, Ghana Cedis and the CFA may not qualify for the single currency because they are overvalued and have been depreciating for almost 20 years; how can they meet the convergence?
"In fact, we cannot wait for this people because there can never be a convergence. It can't work. The CFA today is a member of the Euro because when
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