THE IMPLICATIONS OF COMMON CURRENCY FOR WEST AFRICAN COUNTRY

THE IMPLICATIONS OF COMMON CURRENCY FOR WEST AFRICAN COUNTRY

ABSTRACT

This project research is primarily aimed at dealing with the implications of a common currency for West African countries. As the world is geared towards globalization, West African countries deemed it very imperative to adopt the use of common currency in the sub-region just like their European or Francophone counterparts. The central focus of this research is to know the extent to which the ECOWAS member states have gone in establishing a common currency for West African, to find out if the introduction of West African common currency will enhance economic growth and development in the sub-region; to examine some policy measures introduced to boost the adoption of a west African common currency. To achieve these, the researcher made use of both primary and secondary data questionnaire were extensively distributed to the officials of CBN (Enugu zonal office), First Bank Plc (zonal office Enugu) and NACIMA also in Enugu. Based on the objectives of the study, the findings reveal that the extent to which the ECOWAs member states have gone in establishing a common currency for west Africa is not impressive nor encouraging. The establishment of a common currency for west Africa will only enhance economic growth and development in the sub " region if member stats are sincere and dedicated to the common objective, the policy measures introduced to boost the adoption of a west Africa, common currency is less encouraging and other berecuatracice associated with the introduction of common currency for west Africa in relation to trade within the sub-region could not help matters. Based on this findings, recommendations were member states that should be dedicated and committed to the project as it will, unequivocally, enhance their economic well "being an boost their political and economic image worldwide.