Monetary integration is the process of moving from the situation where each country or subset of countries within a region has its own currency or exchange arrangement, with different degrees of convertibility, to one were all countries within a region share a common currency and consequently a unified exchange arrangement under the supervision of a supranational monetary institution The Economic Community of West African States (ECOWAS) which was established a Treaty signed in Lagos in 1975, has as one of its principal objectives, the achievement of monetary cooperation of its member states. In furtherance to this objective, the Authority of Heads of States and Governments at its 1987 annual summit agreed on a programme of actions, and in 1990 annual summit, the Authority approved a time-table for the application of measures to achieve the creation of a single monetary zone by 1994. Consequently a Study Group set up by the committee of Governors of Central Banks in ECOWAS recommended the introduction of a common currency for the region by the year 2000. Within this context therefore, this study attempts to evaluate the state of preparedness of ECOWAS member states towards the achievement of the monetary integration within the subregion in line with the original objective. The study examined the performance of countries on the basis of various target indicators as agreed by the member states, (i.e. Exchange Rate Variability, Inflation, Deficit/GDP Ratios) in ascertaining the degree of convergence: Chi-Square test was used to evaluate the extent of uniformity of convergence of the various countries and concluded that most countries in the region fail to meet the convergence criteria supporting the view that, it is unlikely to achieve monetary integration in the short or medium term