The Economic Council of West African States (ECOWAS) says the regional bloc will adopt a single currency starting with selected states in 2020.
The revelation was made on Monday at an ECOWAS seminar presided over by Moustapha Niasse, the President of the National Assembly of Senegal, in the presence of Jean-Claude Kassi Brou, President of the ECOWAS Commission and Moustapha Cisse Lo, the Speaker of the Community Parliament.
The seminar was on the challenges and prospects regarding the creation of the ECOWAS single currency.
Speaking at the event, Speaker of the ECOWAS Parliament, Moustapha Cisse Lo, said: "The single currency will make it possible to lift the commercial and monetary barriers, lower the cost of transaction and spark up economic activities in the region.”
He called on all stakeholders to implement the revised road map on the single currency.
The ECOWAS Parliament also requested the authority of heads of state and government to take a firm stand regarding compliance with the 2020 deadline for the establishment of the ECOWAS single currency.