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06/01/2004:

"West Africa move to common currency"

ABUJA, June 1 (Xinhuanet) -- Five west African states have agreed to take urgent and decisive actions to introduce a common currencyby next July 1, an official statement released in the Nigerian capital said Tuesday.

The currency with the name of "eco" was billed to have been introduced to the states of Nigeria, Ghana, Guinea, Sierra Leone and Gambia by Jan. 1, 2003, but the date was shifted due to the countries' inability to meet four convergence criteria.

The criteria are budgetary discipline, reduced inflationary financing, price stability and healthy reserves position.

A statement issued by the Accra-based West African Monetary Institute in Abuja said Tuesday the five countries have decided to improve compliance with the convergence criteria and ratification of all signed statutes promptly. xinhuanet.com