The Economic Community of the Sixth African Region (ECO-6) has issued it’s first monetary regulatory guidelines for the integration and conversion of it’s Regional currency, the Lumi (AKL) into National and Regional Economy this year.
This move is coming exactly a year and five months since it embarked on its poverty eradication programme (The Lumi Stimulus) in October 2020. The exchange regulation has mandated all five Regions of the Continental Africa and the Diaspora member states to consider it’s Exchange Rate Mechanism (ERM) which has been designed not only to stabilize exchange rates but also for the purpose of eradicating poverty amongst the poorest Africans.
The Regulation has been clearly stated to be mandatory for all Economic Communities as well as all Territories, realms and states within the ECO-6 Region. The Monetary Regulation which is solely administered by the African Diaspora Central Bank (ADCB) also defined foreign currencies to be converted to Lumi as not only been the fiat or digital currencies outside Africa but also any Currency that is not Lumi. The Regulation reads;
“In accordance with Regulation No.09202266603/R6/HK as authorized by the Economic Council during ordinary session on March 9, 2022, the new exchange rate mechanism will link currencies outside of Africa’s five continental regional economic communities to the official currency of the Sixth Region –The LUMI.
The exchange rate mechanism will help to ensure that foreign currencies in the Sixth Region such as the EURO, US$, Pound and Yuan orientate their policies towards monetary stability in conjunction with the Sixth Region’s commitment to climate action, poverty eradication and sustainable development.
Participation in the exchange rate mechanism is regulated as mandatory. The operating procedures for the new exchange rate mechanism is set-out within Regulation No.09202266603/R6/HK and administered under the authority of the African Diaspora Central Bank (ADCB). The Sixth Region “means all the world outside of continental Africa” and foreign currencies are defined as “any currency other than LUMI that is used within a nation, territory or region that is located within the Sixth Region.”
The new ERM establishes the market value of all foreign currencies against The LUMI (AKL) which is underwritten by 100 kWh of solar energy and pegged at 4 grains of gold (0.2592g). Each foreign currency will be rated against the current market spot price for gold. In line with the Regulation of the Economic Council, the exchange rate mechanism ensures the global implementation of the LUMI, and imposes policy cooperation with the African Diaspora Central Bank in its monetary convergence towards non-apologetic climate action, poverty eradication, and sustainable development.”
This is the yearnings of all the Lumi stimulus beneficiaries in the last one year and the information above has brought another wind of hope for those who regarded the giant programme as “SCAM”.
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