ECOWAS Earmarks $46,000 for Proposed Single Currency

James Emejo in Abuja

The Economic Community of West African States (ECOWAS) Commission will commit $46,000 to launch a competition to determine a suitable name and logo for the proposed single currency for the region.

The quest is open to all citizens of ECOWAS member state regardless of their residence as well as legal persons established in an ECOWAS member state in line with its laws.

According to a circular from ECOWAS to this effect, three best proposals will each be selected for the name and logo.

All entries/ proposal are to be submitted by November 20.

Accordingly, all proposals for currency name shall not be based on the name of a person, ethnic group or contain expressions directly linked with a religion, country or national institution among others.

On the other hand, the logo shall among other things, symbolise unity and shared cultural and historical values of ECOWAS.

The first prize for all categories includes $10,000 and $8,000 for the second prize, as well as $5,000 for the third prize.