RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

ECOWAS Member Countries Agree to Fund Proposed Central Bank of West Africa with $187 Million

Rate Captain by Rate Captain
May 12, 2023
in Economy
Reading Time: 2 mins read
A A
0
ECOWAS Member Countries Agree to Fund Proposed Central Bank of West Africa with $187 Million
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

ECOWAS member countries have agreed to provide $187 million as the capital base for the proposed Central Bank of West Africa. This move aims to provide funds for infrastructure development and ensure solid liquidity in the region. The President of the ECOWAS Commission, Dr. Omar Alieu Touray, disclosed this during the ongoing First Ordinary Session of the ECOWAS Parliament in Abuja on Wednesday.

Dr. Touray added that studies on the size and distribution of the capital and reserve pooling have been finalized. However, the criteria for pooling reserves, the voting system, and the establishment of the solidarity and stabilization fund for ECOWAS are still in progress.

AlsoRead

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

DSS Debunks CBN Governor Arrest Claims.

President Tinubu Suspends CBN Governor, Godwin Emefiele

The ECOWAS President also expressed concern about the negative effects of the COVID-19 pandemic on the region’s macroeconomic convergence. He noted that member states’ preliminary data for 2022 showed a negative impact of the lingering effects of the COVID-19 pandemic and the Russian-Ukraine war, which have put more pressure on member states’ performance in terms of macroeconomic convergence.

Dr. Touray also stated that none of the member states met all the primary or secondary convergence criteria in 2022 or 2021. He emphasized the need to meet both the primary and secondary convergence criteria for the ECOWAS single currency, adding that more work needs to be done in this regard.

In response to these challenges, the ECOWAS Commission has embarked on numerous activities to improve economic and monetary union, deploy the right infrastructure, and build bridges and connectivity necessary for economic integration and improvement in the well-being of the people. Other areas of interest where the commission has made significant strides include investment in human capital development, humanitarian assistance, and promoting gender equality and youth empowerment.

With the commitment of member countries to fund the proposed Central Bank of West Africa, there is hope that the region will see an improvement in infrastructure development and liquidity. The continued efforts of the ECOWAS Commission in addressing the challenges facing the community are expected to lead to greater economic integration and improved well-being for the people of West Africa.

Previous Post

CBN clarifies BVN expiration date claims.

Next Post

Buhari’s $800m World Bank loan request and revenue generation imperatives

Related News

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

by Rate Captain
June 10, 2023
0

President Tinubu's recent suspension of the Governor of the Central Bank of Nigeria (CBN), as reported earlier, has sparked concerns...

DSS Debunks CBN Governor Arrest Claims.

DSS Debunks CBN Governor Arrest Claims.

by Rate Captain
June 10, 2023
0

Following the sudden suspension of Central Bank of Nigeria (CBN) Governor Godwin Emefiele by President Bola Tinubu on Friday, unconfirmed...

President Tinubu Suspends CBN Governor, Godwin Emefiele

President Tinubu Suspends CBN Governor, Godwin Emefiele

by Rate Captain
June 10, 2023
0

President Bola Tinubu has taken the decision to suspend Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria...

Nigeria Earned N25.64 Trillion from Oil Taxes in 12 Years.

Nigeria Earned N25.64 Trillion from Oil Taxes in 12 Years.

by Rate Captain
June 9, 2023
0

In a recent report titled "Tax-To-GDP Ratio," the National Bureau of Statistics (NBS) has unveiled staggering figures indicating that Nigeria...

Next Post
Buhari and state governments get N651 million hardship allowance.

Buhari’s $800m World Bank loan request and revenue generation imperatives

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

June 10, 2023
DSS Debunks CBN Governor Arrest Claims.

DSS Debunks CBN Governor Arrest Claims.

June 10, 2023

Popular Story

  • Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    0 shares
    Share 0 Tweet 0
  • DSS Debunks CBN Governor Arrest Claims.

    0 shares
    Share 0 Tweet 0
  • President Tinubu Suspends CBN Governor, Godwin Emefiele

    0 shares
    Share 0 Tweet 0
  • UK Government to Grant 45,000 Visas for Seasonal Agricultural Workers.

    0 shares
    Share 0 Tweet 0
  • Elon Musk to launch robot wives by September 2023.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
?>