Nigeria, Gambia, Ghana, Guinea, Sierra Leone and Others Agree on Currency Swap

Nigeria, Ghana and other member-countries of the West African Monetary Zone, WAMZ, are to work out a national currency swap agreement to promote trade in the region. This was contained in a communiqué at the end of the 9th WAMZ Trade Ministers’ Forum in Abuja.

The forum, which had Harnessing Intra-WAMZ Trade Potential Through Value Addition and Diversification as its theme, said the currency swap deal would be fashioned in manner similar to the one existing between some members states and China.

The forum, which had Governor of Central Bank of Liberia, Mr. Nathaniel Patray; President, Manufacturers Association of Nigeria, MAN, Engr. Mansour Ahmed; Dr. Robert Ochola of the African Export Import Bank; Ms Evelyn Nwachukwu of the Ministry of Industry Trade and Investment, among others in attendance, called on trade ministers and manufacturers’ associations to forge a common front to boost trade in the zone.

WAMZ, made up of Nigeria, Gambia, Ghana, Guinea, Sierra Leone and Liberia, came into force in 2000 as a monetary zone to promote trade among member-countries.