Plans for a West African Monetary Zone (WAMZ) have been pushed back due to the global economic downturn, reports Reuters.
Member states Nigeria, Gambia, Ghana, Guinea and Sierra Leone revised a December 2009 deadline for establishing a monetary union, while the deadline for establishing a common central bank has been pushed back from January 2010 to June 2014.
The WAMZ states remain dedicated to plans to introduce a common currency by 2015, which would initially compete with the CFA franc.
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