10:50 a.m. Jun 15, 1999 Eastern
ABUJA, June 15 (Reuters) – The 16-member Economic Community of West African States said on Tuesday that travellers’ cheques denominated in a regional currency unit would be in circulation from July 1.
The plan to issue travellers’ cheques in the West African United of Account (WAUA) was agreed by member countries last October as a step towards greater regional economic integration.
“All interested banks are expected to order from the central bank of their country the amount of travellers’ cheques they require. Operators of bureaux de change are also allowed to participate,” said a statement from ECOWAS in Abuja.
ECOWAS travellers’ cheques will be available in demoniations of five ($3.70), 10, 20, 50 and 100 WAUA.
The value of the WAUA is calculated according to the weighted values of members’ currencies.
Members have agreed in principle to work towards a single currency, but the region is divided between mostly former French colonies using the CFA franc pegged to the euro and former British colonies with their own currencies.
ECOWAS members are Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo.
