the infrastructure readily assessable. please note that the introduction of the new currency series will be a gradual process, as the banknotes will circulate simultaneously with the old series until they are fully withdrawn from circulation. therefore, there would be no urgent need for exchange of the old for the new banknotes by the general public for as long as the old banknotes are in circulation, they will remain legal tender. gentlemen of the press, this is an overview of our currency restructuring exercise, known as “ project cure ”. i request that you join us in our effort to provide our country with a befitting currency structure that will be an effective facilitator of economic activities. thank you for your kind attention. bis central bankers ’ speeches

challenges, most african central banks recorded relative success in keeping inflation within a tolerable threshold, which could be attributed to effective and proactive monetary policy stance. 7. however, there is still room for improvement, especially, in the achievement of the primary convergence criteria for sub - regional integration. in this regard, all member countries are advised to strive to meet their respective sub - regional convergence criteria, which is a precursor to african monetary cooperation and adoption of single currency. 8. the theme of this meeting is in tandem with the conference theme, and the agenda for deliberation is structured to elicit discussions that are invaluable in shaping policies in the bis central bankers ’ speeches region. the agenda that will form the basis of today ’ s deliberation include “ the appropriateness of the mandates of the central banks for africa ’ s industrialization ”, “ the need for payment system inclusiveness for financial stability and transformative development in africa ”, “ central banks ’ strategies for promoting investor confidence and industrial development in africa ”, and the role of central banks in financing infrastructure for industrial development ”. 9. first, we will deliberate on the appropriateness of the mandates of the central banks for africa ’ s industrialization agenda. one major issue in africa is whether the attention of central banks should focus on price stability and financial stability only or should central banks in the region be concerned about developmental goals. although the focus on price and financial stability has served us well in containing inflation and deepening the financial sector, it has not been able to bring down unemployment or achieve inclusive growth on the continent. this has led to many social problems and general restiveness. as central banks, we must find a way to work together to solve this problem, suggesting developmental role must be part of the agenda of central banks on the african continents. programs such as improving access to finance, promoting financial inclusion and have targeted interventions in the economy must be considered. 10. second, we need to access the need for payments systems inclusiveness for financial stability and transformative development in africa. realistic economic transformation and industrial development would entail greater participation of the private sector in the process of development, through improvements in the payments system and improved access to credit. recent technological innovations in mobile banking have provided opportunities for financial inclusion, with clear implications for financial stability. 11. the third focuses on central banks ’ strategies for promoting investor confidence and industrial development in africa. the most effective channel for industrial development is greater private sector