Nigeria may Okay Eco as ECOWAS single currency adoption – FG

Nigeria may Okay Eco as ECOWAS single currency adoption – FG

Raphael Orji Raphael Orji December 31, 2019

Nigeria may Okay Eco as ECOWAS single currency adoption – FG

Source: Punch

ECOWAS single currency – The Federal Government on Monday said it was studying the decision of eight West African countries to change the name of their common currency to Eco.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said this in a statement issued by her Media Adviser, Tanko Abdullahi.

Eco is the name of the currency that is being adopted by ECOWAS countries under its single currency regime for the West Africa sub-region.

The adoption of the currency by member countries of ECOWAS is expected to commence in 2020 when they meet the convergence criteria for the monetary union.

The decision of the eight countries that decided to change their currency’s name to Eco is targeted at severing the CFA franc’s links to former colonial ruler France.

The countries include Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

All of these African countries are former French colonies with the exception of Guinea-Bissau.

The Ivory Coast President Alassane Ouattara announced the decision during a visit by French President Emmanuel Macron to Ivory Coast.

But reacting to the development, the finance minister said in a terse statement that the Federal Government had been informed of the development and would respond in due course.

Will Nigeria join this league, that’s left to be seen

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