Report on Monthly Trends in Exchange Rates of ECOWAS Currencies September 2009
The stabilization of exchange rates of ECOWAS currencies features prominently in the road map designed for the establishment of a sub regional single currency. This is considered as a continuous process to be finalized two years before the launch of the single currency. Hence the need for a close monitoring of trends in exchange rates of ECOWAS currencies. This monthly report which deals with trends as at end September 2009 falls under this logic. It reviews major trends on the international exchange market, examines in detail the pattern of the region’s currencies in relation to the West African Unit of Account (WAUA which is equivalent to 1SDR) and provides an analysis of bilateral exchange rates.