Nigeria’s Finance Minister Ngozi Okonjo-Iweala has said that the establishment of single currency would not be achievable merely by an act of law.
Okonjo-Iweala stated this on Friday in Abuja at the 31st Meeting of the convergence Council of Finance Ministers and Governor of Central Bank of West Africa.
“I wish to state that a single currency cannot be introduced only by means of an act of law; it requires action by the monetary authorities and by market participants in order to make it viable and sustainable.
“ The work that has been conducted over the past decade has reflected this dual approach and I would like to commend all of us for our doggedness and our optimism towards pursuing the realisation of this goal.
“Let me state clearly that we should not be under any illusion, and I know that we are not, on how difficult it will be to establish a credible, viable and sustainable West African monetary union.
“ The journey has not been smooth, will not always be smooth and there will be periods when our collective will be tested.’’
According to her, the political will which is critical for the achievement of the goal is there but noted that the will to implement the necessary reform is needed from member states.
She advised that WAMZ should also learn from the lessons of the euro zone to create the enabling environment for the monetary zone to kick off. NAN