Onyeama, who made this known on Thursday in Abuja while speaking with Journalists, explained that Nigeria’s position on the single currency was agreed by the Economic Community of West African States (ECOWAS) the Member States.

Onyeama said that meeting up the convergence criteria for a single currency was one of the preconditions to be met by the Member States to achieve the implementation of the single currency.

The minister said that only one country out of the ECOWAS member states had been able, for over a period of three years, to maintain the convergence criteria.

“The majority of the countries understand that we are not quite ready immediately to go into this single currency market, but it is a process.

“Some of the French-speaking countries understand that since their currency, the CFA, is linked to the euro, that they also have to de-link, to start preparing towards this single market.

“And so, they have taken certain measures where the 50 percent they ordinarily have to deposit with the French Central Bank, that is no longer going to be the case.

“France is no longer going to be represented on the board of the bank, So, there really is no major contradictions.