Nigeria’s President, Muhammadu Buhari has called on member nations of the Economic Community of West African States (ECOWAS) to tread carefully in pushing for a single currency in the sub – region by 2020.

The President’s Special Adviser on Media and Publicity, Mr. Femi Adesina said that  he gave the advice at the 4th Meeting of the Presidential Task Force on the ECOWAS Currency Programme in Niamey, the capital of Niger Republic.

President Buhari drew the attention of the ECOWAS member states to the challenges currently being faced by the European Union (EU) in realizing the same goal as the necessary economic fundamentals among the countries continue to differ.

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union.

“To that end, Nigeria will caution against any position that pushes for a fast track approach to monetary unity while neglecting fundamentals and other pertinent issues,” President Buhari was quoted to have said.

The President further noted that some of the obstacles to the implementation of a single currency in the sub-region included diverse and uncertain macro-economic fundamentals of many West African countries, unrealistic inflation targeting based on a flexible exchange rate as well as the inconsistencies of the African Monetary Co-operation Programme.