The Advantages And Disadvantages Of The Integration Of Currencies In West African Countries

The global financial crisis in 2008 exposed the structural flaws of the EMU. The first challenge the researcher saw is if the ASEAN countries would meet the financial criteria that would be set once the ASEAN dollar is in use. When euro was launched, not every member at that time joined immediately. At the same time, Greece did not qualify but was allowed to join in 2001. It is also important to note that Britain and Denmark uses their own currency. If ASEAN adopts the ASEAN dollar, questions such as if they are all qualified, what about those who are not qualified and those who do not want to use the ASEAN dollar. The currency right now shows that Brunei and Singapore are above every other member while Malaysia is catching up, others are far behind. If ASEAN dollar, would be put in to use, countries like Brunei, Singapore and Malaysia may copy what Britain did since the Britain pound is higher than the euro. (Young, McCord, & Crawford,

It would seem like Europe has been a much more developed and unified country than Africa over the years, but really in the past they were forced into communism and into a command economy. Almost twenty years after the fall of communism, the governments of Eastern Europe are all trying to transition away from a command economy and move toward capitalism. Many of these countries are trying hard to establish stable democracies while also building a market system. To the people of Africa, the traditions of their ancestors are still a very important part of daily life. Ghana was one of the most powerful empires in Africa for hundreds of years. The kingdom used metals and had laws and an economic system and, in fact, was more developed than other European countries at the time. Modern Mali is a unique nation due to the blending of Islam and Black African traditions from the Middle Ages. After years of domination by the French, Mali has also been influenced by those European traditions as well. The Songhai is an ancient empire of western Africa found in present-day Mali. Songhai society was traditionally highly structured.

In the dynamic global market, companies of all sizes, whether small, medium or transnationals interact with foreign companies and in most cases operate with currencies that are different from those that they commonly use. Foreign companies use foreign currencies for their expenditures, hedging strategies, and investing and financing activities. As a result these business activities must be reflected on the financial statements in the corporation’s reporting currency. FASB 52 and IAS 21 provide the appropriate guidance on the consideration of which functional currency should be implemented by the foreign subsidiaries. This case focuses in Sparkle a Nigerian subsidiary of a

On February 17, 2018 at approximately 1854 hours, I was dispatched to the Family Dollar located at 6670 Ridge RD Port Richey, FL in reference to a subject attempting to utter a counterfeit $20 bill. Upon my arrival, I made contact with Family Dollar employee, Katlyn Sue Edwards.

In every country of the world, exchange rate level is the paramount target of economic policy targeting. In other words, exchange rate policy should be geared towards the attainment of long-term equilibrium rate, so as to achieve certain macro-economic objectives e.g. balance of payments equilibrium, through proper management of the Nigerian exchange rate policy. The country started operating the floating exchange rate system in 1986 after the introduction of SAP. It was expected that the country experience development but the reverse was the case because the country suffered consistent hopeless development situation as her naira depreciates often against other foreign currencies, especially the dollars which was universally accepted as the global medium of exchange. Before the floating system was introduced, $1=NO.89 but after that in 1966 we have $1=N22.05 and even today we have $1=N150.7 .This is quite disheartening, regardless of the effort of the government of Nigeria through the activities of the regulatory body such as the establishment of second tier foreign exchange market (SFEM) in 1986 and interbank foreign exchange market (IFEM) in 1989 and currently the foreign exchange market (AFEM) in 1995.

During the second half of 1997, currencies and stock market prices plunged in value across Southeast Asia, beginning in

Africa is the second largest continent in the world in terms of area and population after Asia. Because of European colonialism, the exploitation of its resources, the practice of apartheid and the policy of prejudice, the Organization of the African Union was established and linked to all African countries. The concept of the African Union is a special organization to resolve all African problems, issues and crises. The African Union consists of 30 countries, established in 1936. In 1980, the membership rose to 53. The Organization of African Unity has been named .The headquarters of the Organization of African Unity (OAU) is located in Addis Ababa, the capital of Ethiopia So that the African continent can take international decisions and the elimination of political, economic, technical and cultural problems. New African States have the right to organize for the Organization, but subject to the approval of members, upon the withdrawal of any State from the Organization, the request for

In my first informational text, "Money, Modernization and Ambivalence among the Sidama of Northeastern Africa”, by John H. Hamer, it is explained that the fast spread of market economics and new communication tools, which are ideas brought about by influence from western nations, bring an obstruction to local cultures and values, particularly in communities such as tribes in Africa. As a result of the structural change of the world’s economy, Africans are beginning to integrate new ideas, brought to them by the spread of

Financial improvement is actualizing new innovations, move from farming based to industry-based economy, and general change in living models. The current improvement circumstance of Africa is dumbfounding. Despite the fact that it is the wealthiest mainland as far as common assets, Africa remains the poorest and the slightest created district of the world., Africa is the last worldwide outskirts that will take after the current developing forces. The economy of Africa of China, India and South America Consists of the exchange, business, farming, and human assets of the continent.the report, simply distributed, says this development has been determined basically by enhanced monetary administration on the mainland and the private part.

Under the Bretton Woods system, members of the EEC did not need to worry about converting their currency into gold. EEC members were also able to take advantage of using unconvertible currencies and devaluing their currencies to correct for problems with their balance of payments.

Dollarization is the process in which nations “replace their domestic currencies [with foreign legal tender] …to obtain economic growth and stability” (Rivera-Solis 330). The US dollar is the most common choice of exchange in this practice, though the adoption of other first world states currencies may be entertained as well. Though its effects are not instant, US dollarization has brought many gradual benefits to the economic statuses of several countries. There are two types of dollarization: official and unofficial. In the process of official dollarization, a state gives complete monetary control to a foreign nation, ceding its right to both create a central bank and issue a domestic form of currency. Where as a nation loses its sovereignty to make decisions concerning its money supply in official dollarization, unofficial dollarization allows states to keep most of its control in place. Nations who implement dollarization unofficially keep their ability to own a central bank to fall back on, in cases of economic emergency, and regulate their own currency. Some studies encourage the promotion of official dollarization, while other scorn it’s outcome and option for its slighter counterpart, partial dollarization, instead. This paper explores the differences in both policies and the effects of dollarization on four separate nations: El Salvador, Panama, Zimbabwe, and the British Virgin

We take the position that digital currencies are a fad. As argument, we try to clarify the definition of currency in general and explain what a "digital currency" really mean. Than we examine the arguments for the digital currencies and at the end we present the evidences of perils of digital currency.

     In the present day, the world's economy is ever-changing and adjusting. Many different reasons control the reasons for this. The future of currency is something that can only be predicted and is not guaranteed. However, there are many determing factors behind the changes that can take place. Asia and North America are two continents that have economies that have recently changed or are in the midst of change.

Money and Currency have always been a widely discussed topic, it is believed that if you understand the economy you can have anything you could ever wish for, for this reason research into my topic has been interesting. There is an abundance of information on the topic, and many sources contain individual opinions which I believe are invaluable for research such as this because it provides a perspective I would have otherwise not seen. It is widely accepted that Currency “consists only of an agreement within a community to use something as a medium exchange” and that a community no longer refers to a few hundred in a town but a few billion all spread out across the globe. Although the means in which we pay for things change as time moves on, the very nature of Currency stays the same.

Furthermore, economic growth is targeted towards domestic market. This is driven by strong performance of agriculture, trade, telecommunications and manufacturing sectors. However, this strong economic growth has not led to higher employment rates. Unemployment is still a major issue in Nigeria. The government addresses the public’s dissatisfaction in its governance with promises to make job creation a priority. Nigerian government is targeting information communication technology (ICT), entertainment, meat, leather, and construction and tourism industries for job creation. Nigeria is made up of about 200 ethnic groups. There are more than 400 languages in Nigeria. The main ethnic groups are Hausa-Fulani in the North, Ibo in the Southeast and Yoruba in the Southwest. Nigeria plays a key role in the African Union, the New Partnership for Africa’s Development (NEPAD), and the Economic Community of West Africa States (ECOWAS)(The World Bank,