Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has disclosed that there was no going back on the quest for a common currency in the West African sub-region.

Also, the African Development Bank (ADB) has provided 7.5 million US dollars as additional funding for the extension of West African Monetary Zone (WAMZ) Payments Systems Development Project to Liberia.
While speaking at a meeting of the governors of central bank in the Ecowas region on Thursday in Abuja, Mallam Sanusi assured that WAMZ member-nations will overcome the convergence criteria to meet the January 1, 2015 date for a single currency despite challenging macro-economic environment in the sub-region.

Each of the six WAMZ countries is expected to attain four primary criteria prior to the adoption of the single currency, the Eco, but member-countries last year slacked on some of the stipulated macroeconomic convergence conditions.

The apex bank boss said Nigeria would continue to provide strong leadership at WAMZ with a view to addressing all concerns over meeting criteria for the common currency regime in the sub-region
Mallam Sanusi, who was re-elected to head the Forum, said inflationary pressures generally eased due to stability in commodity prices and improvement in domestic food production but fiscal sector performance worsened as gross external reserves generally declined and local currencies depreciated against the dollar.