The local media yesterday reported an easing of the convergence criteria for monetary union within the Economic Community of West African States (ECOWAS) by 2020. Realistically, this is a project for six members of the 15-state community (Nigeria, Ghana, Guinea, Liberia, Sierra Leone and The Gambia) to share a single currency (the “Eco”). The number of criteria has been reduced to six (three primary and three secondary). Nigeria alone meets the first three (budget deficit less than 3% of GDP, gross reserves to cover three months’ imports and single-digit average annual inflation). It also passes two and probably three of the secondary tests. However,  question whether the project is desirable and what support it enjoys among the national governments.


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