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Common Currency For The West African Sub-Region: Prospects For Nigeria, N. E. Ogbe

Economic and Financial Review

An important element of the economic integration process in West Africa is the achievement of monetary co-operation which can take various forms such as the clearing house mechanism, European Monetary System Model, Parallel Union Currency Model and Common Currency Area. The paper traced the efforts by ECOW AS at evolving monetary co-operation and also analysed the prospects for Nigeria of a common currency in the West African sub-region. The paper identified and discussed the costs and benefits of a common currency to member nations, especially Nigeria. The costs include loss of autonomy by individual governments in major areas of monetary …