Barely less than 24 hours to the October 1st deadline for the implementation of the ECO-6 Exchange Rate Mechanism (ERM), the President of the African Diaspora Central Bank (ADCB) Chief Timothy Elisha McPherson has insisted the Region’s Authority is willing and ready to enforce the implementation of the ERM as earlier planned.
Speaking via a virtual meeting coordinated by Mr. Mbi Mbapeh, McPherson stressed that merchants across the world including those from the Continental Africa must not transact with the ECO-6 in dollars but rather it’s official currency, the African Kingdoms Lumi (AKL).
Lumi is our official currency and we are refuting the trend of transacting with the Diaspora using the US Dollar as a unit of payment. His words;
“As part of this great restructuring that we see happening across the Continent is also the restructuring of the Diaspora Sixth Region. Now, all of you know that on the 1st of October we will be enforcing the legal framework surrounding our Exchange Rate Mechanism.”
Watch the video below to understand more 👇🏿
Echoing the president of Ghana’s speech in the 77th UN General Assembly, McPherson said;
“During his speech, I’m making reference to President Nana Addo Dankwa Akufo-Addo, in his keynote address to the United Nations, He said it is very clearly that the African Family who are resident in the states and on the Continent that there will soon be a “United States of Africa” and the international community responded swiftly that his statement was prematurely. His statement was only made for transparency so that the international community will know where the African Family is going.”
In case you are not aware
- Eco-6 Lumi is the digital currency of the Citizens of the 6th Region of Africa, the African Diaspora, which is part of the great Pan-African Renaissance into the 21st Century. The LUMI was designated as the official currency for the Economic Community of the African Diaspora Sixth Region (ECO-6) with full integration in the African Diaspora Central Bank (ADCB) and its member institutions, thereby establishing it as the first truly sovereign African regional currency to be issued.
- 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).
