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ECO Crisis: Nigeria, Other Countries Demand ECOWAS Meeting

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Nigeria and six other members of the Economic Community of West African States (ECOWAS) on Thursday demanded a crucial extraordinary meeting to discuss the controversial renaming of the CFA Franc as ECO by eight of their counterparts.

The demand was contained in a communique issued at the end of a meeting by the countries, namely Nigeria, The Gambia, Ghana, Guinea, Liberia and Sierra Leone.

On December 21, 2019, the eight French-speaking West African countries announced their decision to dump the French CFA Franc for the ECO single currency scheduled to take off this year.

ECO is the name adopted for the common currency of the ECOWAS by the Authority of the Community’s Heads of State and Government at their 55th Ordinary Session in Abuja.

The announcement was made by the Ivorien President, Alassane Ouattara, on behalf of the eight countries, namely Benin Republic, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, Côte d’Ivoire and Togo Republic.

The adoption of the common currency, expected to be issued in June 2020, is part of efforts by ECOWAS to realise its over 30 years’ aspiration to establish a single currency among its members and ensure regional economic integration in the region.

Ghana had applauded the decision of its Francophone counterparts to break from the shackles of the French colonialism to team up with their ECOWAS colleagues.

Many analysts described the French President, Emmanuel Macron’s role in the eight former colonial territories as an attempt to hijack the ECO single currency project.

But, at the end of the extra-ordinary meeting, the Ministers of Finance and the Governors of the Central Banks of the West African Monetary Zone ((WAMZ) on the ECOWAS single currency programme condemned the eight countries for taking a unilateral decision over the issue.

The meeting held at the CBN headquarters in Abuja under the chairmanship of the Minister of Finance and Economy of the Republic of Guinea, Mamadi Camara. The six countries frowned at the conduct of their counterparts.

In the communique issued at the end of the meeting, the finance ministers and Central Bank governors of the six countries said they noted the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on December 21, 2019.

The representatives of the affected countries described the “unilateral renaming of the CFA Franc as ECO by 2020 as inconsistent with the decision of the Authority of the Heads of State and Government of ECOWAS for the adoption of the ECO as the name of an independent ECOWAS single currency.”

“WAMZ Convergence Council would be recommending an extraordinary summit of the Authority of the Heads of State and Government of the WAMZ member states will be convened soon to discuss this matter and other related issues,” the communique read.

The English version of the communique was read by the Nigerian Minister of Finance, Budget and Economic Planning, Zainab Ahmed, while the Minister of Economy and Finance of the Republic of Guinea, Mamadi Camara, read the French version.

Other representatives present at the meeting include the Minister of finance and Economic Affairs of the Republic of Gambia, Mambury Njie; Minister of Finance of Ghana, Ofori Atta; Minister of Finance and Development Planning of Republic of Liberai, Samuel Tweah and Minister of Finance of Sierra Leone, Jacob Saffa.

Also, present were Senior Adviser, Central Bank of Gambia, Buah Saidy; Governor of the Bank of Ghana, Ernest Addison; Governor of the Central Bank of Nigeria, Godwin Emefiele.

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Naira Gains Against Dollar, Trades at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Global Money Week: MoneyMaster PSB Trains Students on Savings Culture

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2024 Global Money Week: MoneyMaster PSB trains students on savings culture

MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s leading payment service bank, is poised to train 5,000 students on the need to embrace savings and investment culture in commemoration of the 2024 Global Money Week.

Tagged “Catch them Young” experiential campaign, the programme aims to have the students drawn from schools in Nigeria participating in the week-long financial literacy training in the bank’s coordinating centres across 10 participating states of the Federation.

In the same vein, MMPSB will equally engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The 2024 Global Money Week with the theme “Protect your money, secure your future,” is billed for March 18 to 24, 2024.

MMPSB  disclosed in a press release that it was  committed  to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

“As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public,” the bank further said.

Global Money Week is an annual event which creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours pivotal to making sound financial decisions and ultimately achieve financial well-being.

This year’s edition is focused on safe money management, and the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.

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Fidelity Bank Shares 3000 Food Packs Among Residents of Zamfara Community

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Leading Financial Institution, Fidelity Bank Plc has distributed over 3000 food items to vulnerable households and less privileged families in Gusau, Zamfara State.

The donation is a gesture under the bank’s Corporate Social Responsibility (CSR) Initiative created to reach out to vulnerable persons and reduce the effect of hunger in the society.
Speaking at the event, the bank’s Regional Head, North West 2, Muhammad Ahijo, noted that “The Fidelity Food Bank Initiative is aimed at alleviating the hardship experienced by many in the face of current economic challenges in the country.
His words “At Fidelity Bank, we recognize the importance of supporting and empowering communities to grow and prosper and we believe that by investing in the well-being of the communities where we operate, we contribute to the creation of a better society for all.”
“We firmly believe that by addressing the root causes of poverty and alleviating hunger, we can make a meaningful impact on the lives of those in need. And in light of this, Fidelity Bank has donated 3,000 food packs to vulnerable families in the state, to help them get through these tough times.” He stated.
Applauding the initiative by Fidelity Bank, Zamfara State Governor, Dauda Lawal, represented by his Chief of Staff, Alhaji Mukhtar Lugga, noted that “We are grateful for the kind gesture from Fidelity Bank in providing support to vulnerable households and less privileged families in our community. This is coming at a time when people cannot afford a meal before and during the holy month of Ramadan”.
On his part, the Accountant General of Zamfara State, Alhaji Ali-Akilu Muhammad, thanked Fidelity Bank for its generosity and urged other banks operating in the state to emulate the Fidelity Bank gesture by providing succor to the less privileged families in the state.
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