President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe has stressed the need for the federal government to examine the role of France in the ECO currency project before deciding whether Nigeria should participate in it.
Gwadabe who made the call in the Association’s quarterly review for the fourth quarter of 2019, described the recent decision of the Francophone countries to change the name of their common currency to ECO as worrisome, adding that it appears to be an attempt by France to continue its dominant control of the Francophone West Africa country’s economies.
He said, “Nigeria must not adopt the currency with France or Euro as the background promoters to avoid enslaving West Africa economically. If the prime objective to facilitate cross border trade and economic development of the member states is still to be achieved, the structure of the system must be built on fundamentals in the sub region to compete with other economic blocks.
“Government is encouraged to pursue the project with sincerity of purpose based on sound policies devoid of interference from any economic bloc. The central bank of the sub region should be independent to invest its reserves in any world currency to satisfy the interest of constituent states,” he said.
Speaking further, Gwadabe maintained that “A market structure that exposes a BDC firm to unconventional structure, unfair competition and risk must be avoided.
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