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ECOWAS Countries To Rename Common Currency, Calm France Worries Over CFA Withdrawal|The Republican News

New ECOWAS currency, Eco

Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the CFA franc’s links to former colonial ruler France.

The CFA franc was initially pegged to the French franc and has been linked to the euro for about two decades. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. All the countries are former French colonies with the exception of Guinea-Bissau.

The announcement was made Saturday during a visit by French President Emmanuel Macron to Ivory Coast, the world’s top cocoa producer and France’s former largest colony in West Africa. Ivory Coast President Alassane Ouattara, speaking in the country’s economic capital Abidjan, announced “three major changes”. These included “a change of name” of the currency, he said, adding that the others would be “stopping holding 50 percent of the reserves in the French Treasury” and the “withdrawal of French governance” in any aspect related to the currency.

President Macron hailed it as a “historic reform”, adding: “The eco will see the light of day in 2020.” The deal took six months in the making, a French source said. The CFA francs value was moored to the euro after its introduction two decades ago, at a fixed rate of 655.96 CFA francs to one euro.

The Bank of France holds half of the currency’s total reserves, but France does not make money on its deposits stewardship, annually paying a ceiling interest rate of 0.75 percent to member states. The arrangement guarantees unlimited convertibility of CFA francs into euros and facilitates inter-zone transfers. CFA notes and coins are printed and minted at a Bank of France facility in the southern town of Chamalieres.

The CFA franc, created in 1945, was seen by many as a sign of French interference in its former African colonies even after the countries became independent. The Economic Community of West African States regional bloc, known as ECOWAS, earlier Saturday urged members to push on with efforts to establish a common currency, optimistically slated to launch next year.

The bloc insists it is aiming to have the Eco in place in 2020, but almost none of the 15 countries in the group currently meet criteria to join. ECOWAS “urges member states to continue efforts to meet the convergence criteria”, commission chief Jean-Claude Kassi Brou said after a summit of regional leaders in the Nigerian capital Abuja.

The key demands for entry are to have a deficit of less than 3 percent of gross domestic product, inflation of 10 percent or under and debts worth less than 70 percent of GDP. Economists say they understand the thinking behind the currency plan but believe it is unrealistic and could even be dangerous for the region’s economies which are dominated by one single country, Nigeria, which accounts for two-thirds of the region’s economic output. Nigeria’s Finance Minister Zainab Ahmed told AFP “there’s still more work that we need to do individually to meet the convergence criteria”.

ECOWAS was set up in 1975 and comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo — representing a total population of around 385 million. Eight of them currently use the CFA franc, moored to the single European currency and gathered in an organisation called the West African Monetary Union, or WAMU. But the seven other ECOWAS countries have their own currencies, none of them freely convertible. CPS

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Cattle Colonies, Islamic Teachers And Their Antecedents In Colonialism Games (Part 1) – Prince Adimula

Prince-Oba-Loye-Adimula

By Prince Oba-Loye Adimula

 

The English meaning of the word “colonialism” expressed a direct revelation of mischief makers or the mischievousness of certain group of individuals or group of cunning ambitious society with missions as…..”the policy or practice of acquiring full or partial political control over another country or community, occupying it with settlers, and exploiting it economically”.

One do not need further explanation on the missions of the above mentioned groups known as…either..CATTLE REARERS or ISLAMIC SCHOLARS/TEACHERS…. galvanizing around since late 18th Century till date within our contemporary country, now called Nigeria.

FIRST CASUALTIES:

The historical accounts of GOBIRAWA NATIVES otherwise known as aboriginal Hausa people were of a Kingdom that spread round what we know presently as the core Northern Nigeria. The kingdom started between 9th/10th century ago, almost the same century the 2nd generational coming of king Oduduwa Dynasty of Oodua race started down the area known as South west of Nigeria (Detail Historical account of GOBIRAWA and Yoruba Nation to come soon……)

By late 1700s a powerful imperial king Nefata of Gobir/Hausa Kingdom, with ancient Alkalawa town as the capital of the Kingdom. King Nefata, however, loved his crown Prince Yumfa and the imperial king wanted the Prince to have additional spiritual power added to the existing native spiritual power.

Therefore, King Nefata decided to source for an Islamic scholar/teacher from the far away ancient Songhai empire. The Islamic teacher, which was later identified as Usman Dan Fodio

Mallam Dan Fodio was brought down to the ancient Alkalawa town, the ancestral capital of Gobirawa natives, now known as aboriginal Hausa race; to be teaching the crown Prince Yumfa Islamic lectures.

Dan Fodio was allowed access into the palace to integrate with people in both palace and within the community as the crown Prince’s Islamic teacher. Dan Fodio was also granted privileges around within the royal palaces within Gobirawa kingdom.

No too long, the imperial King Nefata died and crown Prince Yumfa was young and once student of Malam Dan Fodio, who pretended to be around the young king to offer advises and bring the young king to orders.

Tricking the system, Mallam Dan Fodio was smart to convinced the generality of Hausa communities to join him to end royalties and taxes to the palace and to the young king for their freedom. However, Dan Fodio stage manage a community war , which broke out in 1804 and Mallam Dan Fodio was supported by the majority of Hausa communities; whereas, the Young imperial king Yumfa was killed with other Hausa kings under the kingdom.

Thereafter, Mallam Dan Fodio and his Fulani warlords reneged on what they promised the Hausa communities and decided to killed anyone who dare them or asked questions.

Complementarily, Mallam Dan Fodio established caliphate instead of kingdom. Sultan to head all, Emirs to manage communities and towns; Serikis to run villages and small settlements; and by 1809 all the Emirs and Serikis were of Fulani blood and it has remained so till date.

Mallam Dan Fodio, as Sultan, mandated and swore that the Gobirawa natives or Hausa race must never again rule over their land.

Systematically, part of the colonized styles employed was…….as a Fulani descendants, they agreed never to allowed or teach strangers, especially Hausa people their Fulani language (FUFULDI) but to dropped their Fufuldi language within themselves and adopted to learn the Hausa language.

This language crossing and language secrecy within minority Fulani was employed to control the Hausa majority. Surprisingly, no full-blooded Hausa descendants could speak or understand Fulani’s Fufuldi language but all Fulanis speak Hausa fluently as their accepted second language.

Also, Fulanis do marry Hausa women but Fulani forbidden marriages between their women and Hausa men, except otherwise on a very coordinated and espionage missions on any Hausa man.

TO BE CONTINUED…

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